Legendary Crypto Analyst Says Altcoin Could Hit Bottom Today, Be Watchful!

The cryptocurrency market is now experiencing a notable decline, with many digital currencies losing recent gains. Bitcoin (BTC), the pioneer cryptocurrency, fell to $66,700. Ethereum (ETH) fell to $3,523, Solana (SOL) to $152, and Ripple (XRP) to $0.48.

Prominent crypto analyst Michael van de Poppe suggests today could be crucial for altcoins, potentially marking the start of a turnaround. This forecast comes amid important economic events, including the upcoming release of the Consumer Price Index (CPI), the Federal Open Market Committee (FOMC) meeting, and the Federal Reserve’s decision on interest rate.

Economic events to watch

Van de Poppe believes that these key economic events could have a significant impact on the markets, particularly the cryptocurrency sector. Historically, he notes, cryptocurrency prices tend to fall before major economic announcements.

Despite recent events such as the Roaring Kitty event and the GameStop correction last week, which did not positively influence price developments, 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, offering a glimmer of hope in difficult market conditions.

CPI release and FOMC decision

Among the highlights of the day are the CPI data released and the FOMC rate decision. CPI data, which reflects changes in prices of goods and services, is closely monitored by the FOMC to gauge inflation levels and potential interest rate adjustments.

Van de Poppe describes market expectations regarding CPI data:

• 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

The FOMC rate decision, scheduled for 8:00 p.m. CET, is a crucial moment for the market. Van de Poppe highlights the importance of Federal Reserve Chairman Jerome Powell’s speech, which could provide valuable information on future monetary policy decisions.

He predicts that a neutral FOMC stance could trigger positive reactions, particularly in the crypto market.

Caution advised

Despite the potential for market volatility, van de Poppe advises caution. He suggests closely monitoring movements in gold prices, the US dollar and Treasury yields for any signs of market sentiment.

As the day progresses, all eyes will be on the CPI data release and subsequent FOMC meeting, events poised to shape the trajectory of the crypto market in the coming days.

Read also: US CPI could ease to 3.3%; BTC Price Rises to $69,000

Will today’s events spark a crypto turnaround? Let us know your predictions!

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