Popular crypto analyst Michaël van de Poppe said he is looking at two macroeconomic catalysts that could push a strong Bitcoin (BTC) surge to $30,000.
Expect an increase for Bitcoin
The crypto strategist tells his 664,200 Twitter followers that Bitcoin has been going strong lately and it’s a big jump on the cards. The analyst said that the probability of a relief rally has increased recently and looks good.
As we stated as Kriptokoin.com, Bitcoin is traded at $ 17,435. A move towards Van de Poppe’s target shows a potential upside of over 72% for BTC. The high interest rate environment often tends to be bearish for risky assets like Bitcoin and crypto, as investors have to pay more in borrowing costs to finance new investments.
Van de Poppe also says he is waiting for the latest Consumer Price Index (CPI) print, scheduled for release on January 12. Traders are watching CPI data closely to see if inflation pulls back as it could pressure the Federal Reserve to reconsider its hawkish stance.
Actual price will be known on Thursday.
Federal Reserve Chairman Jerome Powell’s comments disappointed markets the previous day and avoided mentioning future policy or the state of the economy. ‘The real rise or fall will come when CPI data is released on Thursday,’ popular trader Johnny said on Twitter.
A subsequent post warned of a ‘bullish tweet as BTC sits below higher timeframe resistance at $17,600’ and Johnny previously urged his followers not to ‘feel the FOMO urge especially this week’. Then he said, ‘CPI will whip this week, bringing prices back to last week’s levels’.
The conservative approach appeared to be symptomatic of wider disinterest among market participants during the day, with little belief that BTC could stage a sustained rally. The past weeks have seen continued low price predictions with some of the best known traders focusing on $12,000, $10,000 and even lower.
“Are we going into disbelief,” said Philip Swift, co-founder of trading platform Decentrader. he asked. Ignoring the recent recovery in crypto to insist that there is ‘no single bullish confirmation yet’, Capo of Crypto has remained firmly in place. ‘Only look. It’s there, right in front of your eyes. The bear trend is intact,” he commented alongside the three-day BTC/USD chart. “Bitcoin and most of the market are testing broken supports as resistance. We’ve seen this many times.’ said.
Altcoin volume ‘very worrying’
The forecast for altcoins was equally dubious, as Ether (ETH) outperformed BTC at the start of the rally. ETH/USD traded around 17% higher on January 10 compared to mid-December lows of $1,150. Maartunn, a contributor at on-chain analytics platform CryptoQuant, feared the worst given his trading volume dominance.
In Maartunn’ 6 years of crypto experience, I noticed something important. Healthy and sustainable price movements start with the rise of Bitcoin, followed by Ethereum/altcoins.’ she said.
An accompanying chart showed that altcoin volume dominance, potentially acting as a wall post for bulls, is over 50% of the total.
“Today, altcoin dominance is over 50% again. Obviously, it doesn’t have to be as heavy as these examples. But remember: as altcoins continue to dominate, there is a potential risk for further declines,” he added.