Altcoin
Legendary Crypto Analyst Says Altcoin May Hit Bottom Today, Watch Out!
The cryptocurrency market is experiencing a notable decline today, with many digital currencies losing recent gains. Bitcoin (BTC), the pioneering cryptocurrency, fell to $66,700. Ethereum (ETH) fell to $3,523, Solana (SOL) to $152, and Ripple (XRP) to $0.48.
Renowned cryptocurrency analyst Michael van de Poppe suggests that today could be crucial altcoins, potentially marking the beginning of a turning point. This forecast comes in the midst of significant economic events, including the upcoming release of the Consumer Price Index (CPI), the Federal Open Market Committee (FOMC) meeting, and the Federal Reserve’s interest rate decision.
Economic events to keep an eye on
Van de Poppe believes these key economic events could have a significant impact on markets, particularly the cryptocurrency sector. Historically, he notes, cryptocurrency prices tend to decline before major economic announcements.
Despite recent events such as Roaring Kitty and last week’s GameStop correction, which have not positively influenced price action, van de Poppe remains optimistic. He points out that past FOMC meetings have often led to significant increases in the value of both Bitcoin and Ethereum, providing a glimmer of hope amid challenging market conditions.
CPI release and FOMC decision
Key events of the day include Release of IPC data and the FOMC rate decision. CPI data, which reflects changes in the prices of goods and services, is closely monitored by the FOMC to assess inflation levels and potential interest rate adjustments.
Van de Poppe outlines market expectations for CPI data:
- CPI Y/Y: 3.4% expected.
- CPI M/M: expected 0.1%.
- Core CPI Y/Y: Expected 3.5%.
- Core CPI M/M: expected 0.3%.
The FOMC rate decision, expected at 20:00 CET, is a crucial moment for the market. Van de Poppe underlines the importance of Federal Reserve Chairman Jerome Powell’s speech, which could provide valuable insights into future monetary policy decisions.
He predicts that a neutral FOMC stance could trigger positive reactions, particularly in the cryptocurrency market.
Caution advised
Despite the potential market volatility, van de Poppe advises caution. He suggests closely monitoring the price action of gold, the US dollar and Treasury yields for signs of market sentiment.
As the day progresses, all eyes will be on the release of the CPI data and the subsequent FOMC meeting, events poised to shape the trajectory of the cryptocurrency market in the coming days.
Read also: May: US consumer price index slows to 3.3%; BTC price rise to $69,000
Will today’s events trigger a turning point in the crypto sector? Let us know your predictions!