- Michaël van de Poppe anticipates a surge in the cryptocurrency market driven by the deteriorating US labor environment and possible Fed monetary easing.
- It is anticipated that altcoins will stabilize before rising to all-time highs, with retail investors probably reentering the market after the summer.
Due to recent economic slowdowns, prominent cryptocurrency analyst Michaël van de Poppe has predicted a broad rally in the Bitcoin market.
There is hope for cryptocurrency aficionados, according to analysts like van de Poppe, even though the US labor figures for April fell short of forecasts, with unemployment climbing to 3.9% and pay growth failing.
Examining the Effects of the Labor Market on CryptoÂ
Van de Poppe predicts a change in Federal Reserve policy as a result of the disappointing job market report, which indicates a softer economic posture.
He suggested that the central bank may print more money in the near future to support the labor market, which would unintentionally provide the cryptocurrency market with much-needed support.
Terrible economic data -> $DXY down, additionally the case for QE and rate cuts will increase and therefore risk-on assets rally.#Bitcoin back to $61.6K.
FOMC was the low for the markets and altcoin bull market has started. pic.twitter.com/uVZxaYUwlM
— Michaël van de Poppe (@CryptoMichNL) May 3, 2024
The fact that the price of BTC is currently strong at $63,823.18, as reported by CoinGecko—a modest increase of 0.08% over the last 24 hours and 0.59% over the last week—indicates that the crypto community has been agitated by this expectation.
Highlighting Altcoins: What’s Next?Â
Van de Poppe thinks that altcoins—digital assets—are about to receive a lot more notice. After a period of stabilization, it is anticipated that the total market capitalization of all altcoins will consolidate between $880 and $920 billion, paving the way for a rally to all-time highs.
This prediction is consistent with previous ETHNews reports that suggested investors may be turning their attention from Bitcoin to altcoins as Bitcoin’s dominance slips.
Van de Poppe is also upbeat about the comeback of regular investors in the crypto markets. He stated:
“Retail isn’t even in the markets, while Bitcoin is around the ATH. When will they come back? It will probably be after this summer when altcoins starts to lift off. They hold altcoins, so when they start to turn, they jump back in. This means you’re still early.”