The cryptocurrency market is poised for a significant turnaround, which could drive Ethereum (ETH) and altcoins to previous all-time highs. The shift happened as June 12’s U.S. Consumer Price Index (CPI) data came in lower than expected.
According to Michaël van de Poppe, CIO & Founder of MN Trading Consultancy, this could be a “massive sign” for altcoins and Bitcoin (BTC). Notably, the professional trader highlighted finance data as a leading indicator for this bullish stance in a post on X.
“The Dollar and Treasury Yields are dropping significantly as the markets are expecting rate cuts to be happening.”
— Michaël van de Popp
Van de Poppe believes that after the correction period, the crypto market will move “upwards only” with the potential approval of the Ethereum ETF in the coming weeks. Therefore, Ethereum could attack its all-time high during the summer.
“After that, it’s upwards only where the Ethereum ETF is likely going to find approval in the coming weeks and start attacking the all-time high during the summer.”
— Michaël van de PoppeNotably, another known cryptocurrency trader and on-chain analyst, Ali Martinez, reported Ethereum whales continue to accumulate. During the recent dip, these highly capitalized addresses purchased over 240,000 ETH, worth $840 million, highlithed Martinez.
Whales have bought over 240,000 $ETH during the recent #Ethereum price dip, totaling around $840 million! pic.twitter.com/j5jnxJul4q
— Ali (@ali_charts) June 12, 2024As the cryptocurrency market awaits the FOMC rate decision and Fed speech, traders and investors should keep an eye on the price action of gold, the dollar, and treasury yields. While an altseason seems likely, it’s essential to remember that past performance does not guarantee future results, and demand plays a crucial role in driving the altcoin market.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
