A widely followed crypto analyst says altcoins are starting a breakout, pointing to major jumps made by one memecoin in particular.
Crypto trader Michael van de Poppe tells are 655,700 followers that altcoins are on the rise, which is good news for the crypto markets.
“Altcoins are breaking out.
We love that!”
To support his argument, he points out the massive increase in market capitalization by Pepe (PEPE) to over $1 billion.
“PEPE Reaches $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 will become weak and the FED will spin, something you definitely want to avoid.”
From Poppe doubles down on his forecast, citing specific examples from macro markets.
“We live in a world where four banks collapsed last month, the FED raised interest rates by 500 basis points in one year and unemployment is at its lowest in 54 years.
This is going to end well.”
Van de Poppe also breaks down BTC, to predict the king crypto could be on its way.
“Bitcoin is constantly flipping levels and back in range.
I’d rather see $28,900 here, generating continuation to $30,500.
Unemployment day, so important news later that could push prices up.”
BTC is worth $29,625 at the time of writing, up 2.5% on the day.
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Featured image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia