Ethereum Poised to Surpass AllTime High Leading Altcoins in Bullish Market Trend
The world of digital currencies is on the brink of a major shift that could propel Ethereum (ETH) and other alternative coins to previous record highs. This change comes as the U.S. Consumer Price Index (CPI) data for June 12 fell below expectations.
Michaël van de Poppe, Chief Investment Officer & Founder of MN Trading Consultancy, sees this as a significant signal for both altcoins and Bitcoin (BTC). Notably, he pointed to financial data as a key indicator for the positive outlook in a recent post on X.
“The Dollar and Treasury Yields are declining significantly as the markets anticipate potential rate cuts,” said Michaël van de Poppe.
Van de Poppe recently suggested that the bottom for altcoins may have been reached, citing various macroeconomic events, including the CPI report and the Federal Open Market Committee (FOMC) meeting, as factors that could impact the market. He compared the potential rally to past FOMC events, where cryptocurrencies experienced substantial gains following corrections.
“It’s possible that Bitcoin may reach an all-time high in the coming weeks if the FOMC adopts a dovish stance,” said Michaël van de Poppe.
The analyst also foresees a drop in the Dollar and Treasury Yields due to the CPI data and the upcoming Producer Price Index (PPI) data, signaling the end of the correction in the altcoin and crypto market.
This perspective is supported by the long-term cycle analysis provided by Jelle, a prominent crypto and stock trader, who believes that altcoins provide investors with a rare opportunity to “make a lot of money.”
Van de Poppe predicts that once the correction phase is over, the crypto market will only move upward, especially with the potential approval of an Ethereum ETF in the near future. Consequently, Ethereum could reach its all-time high during the summer.
Meanwhile, another well-known cryptocurrency trader and on-chain analyst, Ali Martinez, reported that Ethereum whales have continued to accumulate coins, purchasing over 240,000 ETH worth $840 million during a recent price dip.
As the cryptocurrency market awaits the FOMC rate decision and Fed speech, it’s crucial for traders and investors to monitor the price movements of gold, the Dollar, and treasury yields. While an altseason appears likely, it’s important to remember that past performance is not indicative of future results, and demand remains a significant driver of the altcoin market.