Renowned Cryptocurrency Analyst Warns Altcoin May Reach Bottom Today Stay Vigilant
Highlights from the Story
– An analyst has raised concerns about a possible downturn in the market due to economic uncertainty and fluctuations.
– The market is eagerly awaiting insights on monetary policy decisions from Federal Reserve Chair Jerome Powell.
– On the other hand, analysts are optimistic about the potential for altcoins to rise again in response to changing market conditions.
– Amidst a current decline in the crypto market, many digital currencies have seen losses today, including Bitcoin (BTC) at $66,700, Ethereum (ETH) at $3523, Solana (SOL) at $152, and Ripple (XRP) at $0.48.
– Renowned crypto analyst Michael van de Pop believes that today could mark a significant day for altcoins, potentially indicating a turnaround amidst key economic events such as the upcoming Consumer Price Index (CPI) news, the Federal Open Market Committee (FOMC) meeting, and the Federal Reserve’s interest rate decision.
Hope from Historical Trends
Van de Pop points out that the events unfolding today could have a major impact on the markets, particularly in the crypto sector. He highlights that prior to major economic events like these, cryptocurrency prices tend to decline.
The #Altcoin market may see a turnaround today!
Today is a significant day with multiple macroeconomic events taking place.
First, the CPI news will be released, followed by the FOMC meeting and the FED interest rate decision.
These events are expected to greatly influence the markets.
The markets…
pic.twitter.com/VL3nnIgotx
— Michaël van de Poppe (@CryptoMichNL)
June 12, 2024
He further notes that recent events such as Roaring Kitty’s event and GameStop’s correction last week did not have a positive impact on price action.
Looking back at past FOMC meetings, van de Pop emphasizes that following these meetings, both Bitcoin and Ethereum have seen significant price increases, offering hope during challenging market conditions.
Anticipated CPI Data Insights
Key events of the day include the release of CPI data and the FOMC rate decision. The 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 Pop outlines market expectations for the CPI data as follows:
– CPI Y/Y: 3.4% expected
– CPI M/M: 0.1% expected
– Core CPI Y/Y: 3.5% expected
– Core CPI M/M: 0.3% expected
Awaiting Powell’s Speech
The upcoming FOMC rate decision, scheduled for 20:00 CET, is a crucial moment for the market. However, Van de Pop highlights the significance of Federal Reserve Chair Jerome Powell’s speech, which could provide valuable insights into future monetary policy decisions.
He predicts that a neutral stance from the FOMC could lead to positive market reactions, particularly within the crypto sphere.
Possibility of Altcoin Market Recovery
Despite the potential for market volatility, van de Pop advises caution and recommends monitoring the price movements of gold, the US dollar, and treasury yields to gauge market sentiment.
As the day progresses, all attention will be on the release of CPI data and the subsequent FOMC meeting, which are expected to shape the direction of the crypto market in the days ahead.