Top crypto analyst says traders care too much about Fed, names his top altcoin projects
Popular analyst Michaël van de Poppe says traders are likely overemphasizing the potential impact the Federal Open Market Committee (FOMC) will have on crypto markets.
Van de Poppe tells his 619,000 Twitter followers that given relatively quiet action in the markets, market participants are likely to be pondering today’s Fed meeting.
“Funnily enough, European equities are doing relatively well. US stocks are consolidating, down a few percent since last high. Bitcoin and crypto are down 15%. People within the crypto space are putting way too much emphasis on the FOMC meeting…”
Van de Poppe says that Bitcoin (Bitcoin) could rise if interest rates rise by less than 100 basis points. He says the flagship cryptocurrency could make new local highs if it breaks above $21,600. At the time of writing, BTC is trading at $21,102.
“Markets correct and preferred to hold $21.6k for #bitcoin.
This is also a key breaker now if it breaks to the upside -> new highs.
Looking at a $20.5k to $20.7k range for #Bitcoin going into the FOMC tomorrow.
if <100bps -> up.”
Source: Michael van de Poppe/Twitter
As for Ethereum (ETH), Van de Poppe says the fate of the second largest crypto asset by market cap depends on how it reacts at the $1,500 level. At the time of writing, ETH is changing hands at $1,510.
“Obvious support level here on Ethereum that can play long.
The question mark starts in the $1,500 area which should break and flip to continue, otherwise a retest around $1,250 is possible.
But the crypto analyst says traders are keen on the Fed.
Van de Poppe says he will start collecting altcoins in preparation for the next bull run. He says he’s betting his money on Cosmos (ATOM), polygon (MATIC), avalanche (AVAX), Concordia (CCD) and SCALE (SKL).
“Some projects that I will slowly collect going into the next bull cycle:
– $ATOM
– $MATIC
– $AVAX
– $CCD
– $SKL
I think this would be the package to get 20x to 60x returns in the next bull cycle. “
Don’t miss a thing – Sign up to receive crypto email alerts straight to your inbox
Check the price action
Follow us on Twitter, Facebook and Telegram
Surf the Daily Hodl Mix
Check the latest headlines
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any risky investments in Bitcoin, cryptocurrency or digital assets. Please note that you transfer and trade at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/Mirexon/Nikelser Kate
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.