Crypto trader Michael van de Poppe has noticed a shift in momentum in the crypto markets, indicating that altcoins are about to break out. While he could not disclose specifics on which cryptocurrencies are performing well, he did highlight a big market cap increase by PEPE, a meme coin cryptocurrency based on a contentious meme.
PEPE Price Jumps 1,300% Since April 28
This digital asset has increased 1,300% since April 28 and currently has a market cap of more than $1 billion. This breakout is fantastic news for the cryptocurrency markets, as Van de Poppe believes the bullish momentum will continue, with a shift from “bad news is good for markets” to “good news is good for markets.”
Positive Momentum in the Crypto Markets
Van de Poppe feels that a healthy economy is essential for the crypto market’s upward trend to continue, as weak economies could lead to the Fed pivoting, something traders want to avoid. Despite hurdles such as four banks failing in the last month and the FED rising rates by 500 basis points in a year, he remains confident that current trends will lead to a favorable outcome.
According to Van de Poppe’s bullish outlook, both cryptocurrencies and Bitcoin (BTC) have more room to grow. He also points out that the value of Bitcoin is continually fluctuating within a tight range. For Bitcoin to continue increasing towards $30,500, the price must remain above $28,900.
Bitcoin’s value has grown by 2.5% today, reaching $29,625 as of this writing, which may please investors. Altcoin Sherpa tweeted, “PEPE is going to be $0 soon, and investing in it means investing in a casino,” which baffled some investors. However, Van de Poppe’s bullish prognosis on crypto markets is bolstered by his macroeconomic forecasts, which include the lowest unemployment rate in 54 years.
Finally, Van de Poppe’s bullish outlook for the crypto markets, including altcoins and Bitcoin, shows that the upward trend will continue. The breakthrough of PEPE, a meme coin cryptocurrency, could be a good indication for the crypto markets. However, while investing in any digital asset, investors should proceed with caution.