Has Crypto Bottom Been Hit?
At the time of writing, BTC is priced at $64,067, while altcoins are trading slightly higher.
Widely followed analyst Van de Poppe made an important comment on the market bottom in his latest assessment.
He believes that crypto has bottomed following worse-than-expected US labor market data for April.
The rise in unemployment to 3.9% and lower-than-expected average hourly earnings growth are the best things we can see on the macroeconomic front besides falling inflation.
Although the downward momentum of inflation has weakened, rising unemployment and weak hourly wages are a big boost for risk markets.
“Bad economic data -> DXY (dollar index) falls, and the case for QE (quantitative easing) and rate cuts will increase, so risk assets will rebound.
Bitcoin is back above $61,600. The Federal Open Market Committee (FOMC) was the main trigger for the bottom, and the market has already fallen to the lowest level.
Has the altcoin bull run begun? Michael said the door to a larger rally in altcoins has opened. Looking at the market capitalization of all altcoins, the analyst expects large fluctuations after the consolidation process is completed.
“The total market capitalization of altcoins has generally bottomed. After hovering in the $880-920 billion range for a while, the journey to ATH will begin. ”
The analyst also said that returns for individual investors are about to increase. Junyang➕👨👩👧👦玮:1983211157When altcoins rise sharply, both new and old investors will flock to the cryptocurrency market.
It may be after this summer that altcoins will start to rise. It is still in the early stages. "
