A widely followed crypto analyst says altcoins are beginning a breakout, pointing to major leaps made by one memecoin in particular.
Crypto trader Michaël van de Poppe tells his 655,700 followers that altcoins are on the rise, which is good news for the crypto markets.
“Altcoins breaking out.
That’s what we like!”
To support his argument, he points out the massive market cap jump by Pepe (PEPE) to over $1 billion.
“PEPE hits $1 billion market cap.”
PEPE is a memecoin crypto based on a controversial meme. It has exploded by 1,300% since April 28.
Looking at the broader crypto markets, Van de Poppe sees good news on the horizon.
“Good news is good for the markets.
The momentum has shifted from bad news is good for markets to good news is good for markets.
Otherwise, the economy becomes weak and the FED will be pivoting, something you definitely want to avoid.”
Van de Poppe doubles down on his prediction, calling out specific examples from the macro markets.
“We’re living in a world where four banks collapsed in the past month, the FED raised rates by 500bps in one year and unemployment is the lowest in 54 years.
This will end well.”
Van de Poppe also breaks down BTC, predicting the king crypto could be on its way up.
“Bitcoin constantly flipping levels and back in the range.
I’d prefer to see $28,900 hold here, which generates continuation toward $30,500.
Unemployment day, so important news later that could push prices.”
BTC is worth $29,625 at time of writing, up 2.5% on the day.
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Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia