The post Ethereum to ‘attack’ its all-time high, lead altcoins at ‘upwards only’ market appeared on BitcoinEthereumNews.com.

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 The Core CPI year-over-year (YoY), month-over-month (MoM), and the regular CPI YoY and MoM were all lower than forecasted. This positive data suggests that inflation is weakening, potentially leading to interest rate cuts by the Federal Reserve. Macroeconomic data to boost an altcoins season Earlier on June 12, Van de Poppe had stated that the altcoin bottom could be in, as multiple macroeconomic events, including the CPI news and the Federal Open Market Committee (FOMC) meeting, were set to impact the markets. He compared the potential rally to previous FOMC events, where cryptocurrencies saw significant gains after correcting before the event. “It might even be the case that Bitcoin is attacking an all-time high in the coming weeks if there’s a dovish stance from the FOMC.” — Michaël van de Poppe The analyst also expects the Dollar and Treasury Yields to fall from the CPI data and the upcoming Producer Price Index (PPI) data, leading to the end of the altcoin and crypto market correction. ‘Once in a few years golden opportunity’ This outlook aligns with the long-term cycle analysis provided by Jelle, a known crypto and stock trader. According to Jelle, altcoins present investors with…

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Filed under: News - @ June 12, 2024 6:14 pm