A much-followed crypto analyst goes wild over Jerome Powell’s latest rate hike and Federal Open Market Committee (FOMC) speech, but sees a silver lining for digital gold Bitcoin (BTC).
Crypto trader Michael van de Poppe tells his 655,700 Twitter followers that he thinks this will be the Fed’s last rate hike.
“The biggest joke is the fact that Jerome Powell says the banking system has improved and is sound, healthy and resilient.
It’s the weakest it’s ever been and a few more banks fall apart after the market.
This was the last walk.”
Especially Van de Poppe matter with Powell’s claim that the US banking system is in good shape right now.
Jerome Powell:
‘Banking sector has improved and is healthy.’
Haha.”
Despite his concerns about Powell’s speech, Van de Poppe say these moves outline a brighter future for BTC.
“Nothing special inside [yesterday’s] presentation with Powell, apart from minor adjustments.
According to Jerome, the banking system is solid and resilient.
Walking process on the way to the end, most likely just 1 more walk and we are done.
That is a period of strength for Bitcoin.”
At the moment, according to the crypto analyst, there is even talk of a downturn for Bitcoin will spell a bigger reversal for the king crypto in the future.
“Showing Bitcoin strength during a banking crisis is literally what you want and need to see.
If there is a correction due to the breakup of the banks, it is usually due to a liquidity crisis, but Bitcoin will only get bigger after that.”
In the light of the American banking crisis, Van de Poppe has a few very specific ones advice for his followers.
“Get your money from banks and buy hard assets like gold and silver. Buy Bitcoin and Crypto and wait.
A bank is not a bank, you lend your money to them so that they can take excessive risks.
To adjust.
The Decade of Crypto and Commodities.”
All in all Van de Poppe sees the bigger picture as a bullish environment for BTC to thrive.
“Bitcoin is pretty much in between. Bulls are happy, bears are happy and find arguments.
I would say a break above $29,200 and final confirmation by another test is my trigger for new highs.
The failure of banks, as difficult as it may sound, is actually bullish for BTC.”
BTC is worth $28,898 at the time of writing, up 1.6% in the last 24 hours.
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