Analyst Says Bottom Is In for Altcoin Markets, Predicts Crypto Rally Following Weak Economic Data

On May 5, 2024

Popular analyst Michaël van de Poppe believes that crypto is gearing up for a marketwide rally amid signs of slowing economic activity.

Van de Poppe tells his 716,300 followers on the social media platform X he’s bullish on crypto after the US labor market missed estimates in April.

With unemployment rising to 3.9% and average hourly earnings growing less than expected, the analyst believes that the Fed will be forced to turn on the money printers to support the job market.

“Terrible economic data -> DXY (US dollar index) down, additionally the case for QE (quantitative easing) and rate cuts will increase and therefore risk-on assets rally.

Bitcoin back [above] $61,600.

FOMC (Federal Open Market Committee) was the low for the markets and the altcoin bull market has started.”

Looking at the market capitalization of all altcoins, the trader predicts that the alt market will witness a consolidation period before rallying to fresh all-time highs.

“The total altcoin market capitalization generally has seen the bottom of this correction. I think $880-$920 billion is the area where it’s going to stabilize, before a run towards the all-time high is on the horizon.”

Source: Michaël van de Poppe/X

The analyst also says that the return of retail traders is now in sight. He believes they will enter the crypto markets once altcoins print sizeable gains.

“Retail isn’t even in the markets, while Bitcoin is around the all-time highs.

When will they come back?

It will probably be after this summer when altcoins start to lift off.

They hold altcoins, so when they start to turn, they jump back in.

This means you’re still early.”

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