Bullish News: Top Analysts Predict Altcoin Bottom Today, Market Poised to Rise – Here’s Why

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Bullish News: Top Analysts Predict Altcoin Bottom Today, Market Poised to Rise – Here’s Why

In a recent social media post, renowned cryptocurrency analyst Michael Van de Poppe shared his predictions about the altcoin market potentially bottoming out.

Van de Poppe emphasized the importance of key economic data and upcoming Federal Open Market Committee (FOMC) interest rate decisions, highlighting their potential impact on the cryptocurrency market.

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Is an altcoin rally coming? CPI data points to a bullish outlook

Consumer Price Index (CPI) data revealed that US inflation dropped to 3.3%, below expectations, which he considered bullish news for the altcoin market. CPI data is particularly critical because it influences the Federal Reserve’s decision to cut interest rates.

From de Poppe explained that if CPI data were above expectations, it would lead to a strengthening US dollar and higher yields. In such a scenario, the chances of a rate cut in the tiny term would decrease, leading to a decline in risky assets. On the other hand, the lower-than-expected CPI reading opens the way for a positive market reaction, as is currently the case.

The FOMC’s decisions on interest rates were considered the second significant event of the day. Following the recent announcement by the European Central Bank interest rate reductionthere is speculation that the United States could consider similar measures.

Van de Poppe stressed the importance of Federal Reserve Chairman Jerome Powell’s speech because it could provide valuable insights for the future Monetary policypotentially influencing market sentiment.

Trade with caution

The altcoin and cryptocurrency markets experienced significant corrections last week, led by Ethereum (ETH), the largest altcoin in the market, with prices falling by over 5%, with a historic negative correlation seen during the FOMC meetings and CPI releases.

However, Van de Poppe suggested that a discount up could be predicted, potentially driving Bitcoin closer to an all-time high of $73,700 in the coming weeks if the FOMC adopts a dovish stance.

However, caution is advised as price action can be disingenuous. If a decision is made to keep the interest rate unchanged, there may be an initial downward market reaction, the true impact of which will become apparent later.

Another market expert, Adrian Zduńczyk, proposed his own perspective, highlighting the tendency for prices to return to previous levels with little impact on volatility following the FOMC decision. While investors often anticipate press releases and follow patterns, he cautioned against trading against the Federal Reserve’s monetary policy decisions.

While the altcoin market awaits the results of key economic data and FOMC decisions, analysts are closely monitoring these factors, anticipating a potential reversal and subsequent market rally.

As the Ethereum ETF looks to trade in the coming weeks, the summer months promise renewed market momentum and a potential challenge to all-time highs.

The daily chart shows the ETH price rebound over the past hours. Source: ETHUSD on TradingView.com

ETH is currently trading at $3,618, up a significant 4.1% over the past few hours, coinciding with positive CPI data and increased expectations for favorable news from the US Federal Reserve.

Featured image from DALL-E, chart from TradingView.com

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