In an exciting revelation, popular analyst Michaël van de Poppe suggests that the cryptocurrency market is poised for a significant rally, driven by signs of economic slowdown. With a massive following of 716,300 on the social media platform X, Van de Poppe expresses his optimism for crypto after the US labor market fell short of expectations in April.

Given the rise in unemployment to 3.9% and the slower-than-expected growth in average hourly earnings, Van de Poppe believes that the Federal Reserve (Fed) will have no choice but to implement quantitative easing and rate cuts to support the job market. As a result, he predicts a decline in the US dollar index (DXY) and a subsequent rally in risk-on assets.

Bitcoin, in particular, is expected to soar above $61,600, signaling a positive market sentiment. Van de Poppe considers the recent Federal Open Market Committee (FOMC) meeting to be a turning point for the markets, marking the beginning of a bull market for altcoins.

Analyzing the market capitalization of altcoins, Van de Poppe anticipates a period of consolidation before a surge towards all-time highs. He suggests that the total altcoin market capitalization will stabilize in the range of $880-$920 billion before embarking on an upward trajectory.

Moreover, Van de Poppe asserts that the return of retail traders to the crypto markets is imminent. He expects them to enter the market once altcoins demonstrate substantial gains. With Bitcoin hovering around its all-time highs, Van de Poppe predicts that retail traders will jump back in when altcoins start to gain momentum, highlighting the potential for early investment opportunities.

In conclusion, Van de Poppe’s analysis indicates a promising outlook for the cryptocurrency market, fueled by economic indicators and the anticipation of retail trader involvement. However, it’s important for investors to conduct thorough research and exercise caution when engaging in high-risk investments in Bitcoin, cryptocurrency, or digital assets. The Daily Hodl does not provide investment advice or recommend specific trading actions.