A widely followed crypto trader is predicting that one catalyst would ignite the continuation of a Bitcoin (BTC) bull cycle.
In a new video strategy session, crypto analyst Michaël van de Poppe tells his 162,000 YouTube subscribers that Bitcoin is liking coming to the end of its market correction.
According to the trader, financial markets are no longer anticipating a recession. He says that Bitcoin may soon retest the $28,000 level to conclude its market correction before making a move to the upside.
“We are not having a potential recession based on the data that we have right now. That’s a good ingredient for Bitcoin too, especially [since] crypto-trading people are expecting to have at least a recession or are going to be focused a lot on FOMC (Federal Open Market Committee). So having this case of the stocks continuing to run up, we are probably also close towards the end of the entire correction on Bitcoin, which, as a matter of fact, could continue towards the area of $28,000, of course.”
The trader says if the Federal Reserve stops raising interest rate hikes to draw down inflation, crypto markets are likely to take off. He says several digital assets appear already primed for takeoff, including blockchain oracle Chainlink (LINK), smart contract platform Ethereum (ETH), ETH-challenger Avalanche (AVAX) and Bitcoin.
“If the end of the hiking policy is going to come around, most likely we’re going to have an upwards turn on the markets. And if you look at the weekly perspectives on Chainlink, Ethereum, Bitcoin, Avalanche, the total market cap, and it looks quite good for a breakout in the coming period. So the ingredients are there.
It just needs a trigger to actually continue. And with the FOMC, with GDP today and hopefully PCE (Personal Consumption Expenditures Price Index) tomorrow [July 28th] the Bitcoin bull cycle can start continuing.”
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