Michaël Van de Poppe Official

Good morning! Another day in the bull cycle for #Crypto. #Altcoins continue to rally higher, and to be honest, they barely started.

People in #Crypto lack patience. If you're holding positions and are down 50-70% since March, then, that's part of the risk you're taking. If you can't handle this, you can't have the 10-20x next year either. Just calm down, enjoy life, and wait. The glory will come.

The total #crypto market capitalization has still seen the low of this correction. Expecting 1-2 weeks of pain before we're going to be surging back upwards.

The Nikkei Index witnessed Black Monday in 1987. What happened after? The markets quickly bounced up and had 2 more years of fun until the big crisis in Japan took place. The same is likely going to happen in the U.S. I'm happy to be long in #Crypto. https://x.com/CryptoMichNL/status/1820867438466195648?t=jmKFem9p87I4IdgYfFL3Zw&s=19

The total market capitalization of #Crypto has finished its correction at the 0.618 Fibonacci level & HTF support zone. The rotation is around the corner (rate cuts and ETH ETF). Next target: $4 trillion.

The Total.2 market capitalization for #Crypto is doing great. In that sense, just an expected consolidation, before a new breakout upwards is likely going to happen. Towards the all-time high is still 70%. https://x.com/CryptoMichNL/status/1807136705251615144?t=YcGmUjNQ3NbvJjE3B2S2VA&s=19

The total market capitalization for #crypto is doing fine. There has been a correction of more than twenty percent, through which the recent correction isn’t even that special. It’s potentially making a higher low, through which the trend continues. https://x.com/CryptoMichNL/status/1801962869816176964?s=19

The ECB decided two weeks ago to provide a rate cut, through which the markets have seemingly priced in the Dollar as a stronger currency rather than the Euro. In fact, the opposite is true, as rate cuts are necessary to keep the economy floating forward. Powell is slowly but surely crashing the economy, and even Yellen called for rate cuts. In the meantime, Gold continued its momentum as well. Gold has seen some upward momentum and doesn’t follow the path of Bitcoin. The question is, what’s next? Are we continuing the downward spiral for Bitcoin, or is that not the case? Bitcoin started to fall substantially during Friday afternoon through which the weakness continued in the crypto markets. There’s still no conclusion on the listing of the Ethereum ETF, and because of that, it seems apparent that the markets continue to show weakness as they look for more evidence that the listing is going to happen. Combining all the factors, it seems that very likely, the markets aim to provide a potential window of correction through which the Ethereum ETF approval is a ‘Sell the Rumor, Buy the News’ type of event for the entire markets. The ingredients from a macroeconomic perspective are already there. The rate cuts are on the horizon, while the uncertainties surrounding the potential rate cuts are still hunching in the markets as the Dollar has continued to show its strength in the past week, primarily due to the rate cut of the ECB. I’m expecting a lot from the upcoming weeks. I think we’ll have one more week of downward pain on the markets before we continue to run upward.The #Crypto markets continue to drop, why? This week was filled with macroeconomic data, which all turned out to be bad. However, the Dollar continued its strength the previous week, while Gold was strong too. #Bitcoin’s price action was terrible, through which altcoins have been suffering a lot. What has been happening in the past week as a reason for the current price action? CPI Data on Wednesday CPI Data came out last Wednesday where the measurements for the Consumer Price Index are measured, primarily influencing the FED to decide their interest rates and, whether or not, a potential rate cut is on the horizon. The data was in favor of risk-on assets as the data was lower than expected. Why does that favor the markets and what was the actual news? CPI Regular came out at 3.3%, while 3.4% was expected. Core CPI Regular scored 3.4%, while 3.5% was expected. The monthly data was positive as well, as the data was 0.0% vs. 0.1% and 0.2% vs 0.3%. All are positive for a potential rate cut or at least favor positivity towards the future on a potential rate cut. PPI data on Thursday The next important event was PPI data, which is technically the inflation data from Wednesday, but then from the producer’s perspective. The regular PPI provided a score of 2.2% instead of the 2.5% expected. The Core PPI Y/Y provided a score of 2.3% instead of the 2.4% expected. The monthly data was very positive for risk-on assets as well, as this came at -0.2% vs 0.1% and 0.0% vs 0.3%. All, again, very favorable for upward momentum on the markets, but unfortunately, the markets are not picking up any momentum. Crypto assets have continued their downward trend. Consumer Sentiment on Friday The consumer sentiment came out on Friday and can be signaled as a sign of weakness and strength for the markets, which is technically a market leader. The markets have provided a ‘positive’ signal as the consumer sentiment came out lower than expected. The expectations are a rate between 0 and 100, through which the data came out at 65.6 while 72.1 was expected. All in all, it is not the best data for economic strength, and as a matter of fact, a bullish perspective for risk-on assets as you might argue that the markets are eager for rate cuts and that the markets are rotating from here, crypto-native markets. However, some events took place during the week which didn’t cause upward momentum.

The #Crypto markets continue to drop, why? This week was filled with macroeconomic data, which all turned out to be bad. However, the Dollar continued its strength the previous week, while Gold was strong too. #Bitcoin’s price action was terrible, through which altcoins have been suffering a lot. What has been happening in the past week as a reason for the current price action? CPI Data on Wednesday CPI Data came out last Wednesday where the measurements for the Consumer Price Index are measured, primarily influencing the FED to decide their interest rates and, whether or not, a potential rate cut is on the horizon. The data was in favor of risk-on assets as the data was lower than expected. Why does that favor the markets and what was the actual news? CPI Regular came out at 3.3%, while 3.4% was expected. Core CPI Regular scored 3.4%, while 3.5% was expected. The monthly data was positive as well, as the data was 0.0% vs. 0.1% and 0.2% vs 0.3%. All are positive for a potential rate cut or at least favor positivity towards the future on a potential rate cut. PPI data on Thursday The next important event was PPI data, which is technically the inflation data from Wednesday, but then from the producer’s perspective. The regular PPI provided a score of 2.2% instead of the 2.5% expected. The Core PPI Y/Y provided a score of 2.3% instead of the 2.4% expected. The monthly data was very positive for risk-on assets as well, as this came at -0.2% vs 0.1% and 0.0% vs 0.3%. All, again, very favorable for upward momentum on the markets, but unfortunately, the markets are not picking up any momentum. Crypto assets have continued their downward trend. Consumer Sentiment on Friday The consumer sentiment came out on Friday and can be signaled as a sign of weakness and strength for the markets, which is technically a market leader. The markets have provided a ‘positive’ signal as the consumer sentiment came out lower than expected. The expectations are a rate between 0 and 100, through which the data came out at 65.6 while 72.1 was expected. All in all, it is not the best data for economic strength, and as a matter of fact, a bullish perspective for risk-on assets as you might argue that the markets are eager for rate cuts and that the markets are rotating from here, crypto-native markets. However, some events took place during the week which didn’t cause upward momentum. FOMC On Wednesday evening, Jerome Powell’s speech was the most hawkish speech he has been producing in a substantial amount of time. Weirdly enough, all data is shouting for a rate cut, as the CPI and PPI start to come in way lower than expected, and, slowly but surely, the economic data becomes worse as well. That calls for a potential upcoming recession and additionally, the debt on the U.S. government starts to increase so the amount of debt payments that they need to do is getting worse and worse. A rate cut is a must in the next period, especially in election years. However, Powell kept his stance provided a hawkish tone, and revised his amount of potential rate cuts for 2024 downwards. Not a great outlook for the markets. However, overall, the markets have been doing exactly what you want it to be doing. Why is that? The markets have been going down on the Treasury Bond Yields, the 2-years have dropped substantially to the lowest point in the past two months (4.694%). The highest point during May was 5.00%, around the actual low of the Bitcoin markets ($58,000). The 10-year Yield has even continued its fall to 4.211%, which is currently the lowest point since the beginning of April as well. You would say, if that’s happening, then it’s very likely that Bitcoin will start to do really well, as the markets are pricing in a higher chance of a potential rate cut. It’s not the case. The Dollar continued its strength, as it rallied to 105.75 points, with only a single reason for this strength: the rate cut in Europe.