Crypto Analyst Michaël van de Poppe predicts that the cryptocurrency market is poised for a widespread rally as economic activity shows signs of slowing down. Van de Poppe, who has a following of 716,300 on the social media platform X, expresses his bullish sentiment towards crypto after the US labor market fell short of expectations in April. With unemployment rates rising to 3.9% and average hourly earnings growing less than anticipated, the analyst believes that the Federal Reserve will be compelled to employ quantitative easing measures and rate cuts to support the job market. He states, “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.”

Van de Poppe also predicts that the altcoin market will experience a consolidation phase before surging to new all-time highs. He observes the market capitalization of all altcoins and believes that it will stabilize in the $880-$920 billion range before embarking on a rally towards its peak. Additionally, the analyst suggests that the return of retail traders is on the horizon, stating that they will likely enter the crypto markets once altcoins show significant gains. He explains, “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.”

Please note that the opinions expressed by Michaël van de Poppe in this article are not investment advice. Investors should conduct their own research before engaging in high-risk investments in Bitcoin, cryptocurrency, or digital assets. Transfers and trades are undertaken at the individual’s own risk, and any resulting losses are their responsibility. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor does it provide investment advice.