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Michael van de Poppe considers the slowdown in consumer price inflation to be a catalyst for the growth of the first cryptocurrency.
What happened? Cryptanalyst Michael van de Poppe suggests that a rebound in the price of bitcoin may soon occur. In his opinion, to provoke an increase in the value of the first cryptocurrency can slow down consumer price inflation or reduce the number of applications for unemployment benefits. Van de Poppe explained that compliance with one of these conditions could prompt the US Federal Reserve (FRS) to relax monetary policy measures. The analyst said this on Twitter.
On May 26, 16:50 Moscow time, bitcoin is traded at $ 28,828 (Binance data).
Opinions and forecasts of analysts. Cryptocurrency analyst and trader Justin Bennett predicted a rebound in the price of bitcoin after falling to $ 28,800. He believes that upon reaching the local bottom, the growth in the value of the asset “will exceed all expectations.”
Crypto analyst and trader Kevin Swenson believes that the price of bitcoin is ready for a rebound along with the US stock market. According to him, recently the asset has shown almost a 90% correlation with the S&P 500 index. The analyst said the S&P 500 is reaching “extremely oversold levels” on the weekly Relative Strength Index (RSI), a metric that measures trend strength. Swanson notes that the index has not reached such a low point since the market crash in early 2020 caused by COVID-19.
The founder of Mobius Capital Partners Mark Mobius believes that the rebound in the price of the first cryptocurrency can occur after reaching $ 20,000. In this regard, he warned crypto traders against using a drawdown buyback strategy, since at the moment it will not work.
The most negative forecasts regarding the price movement of the first cryptocurrency can be found in the material GetBlock Magazine.
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