According to renowned analyst and trader Michaël van de Poppe, there are four key factors that could potentially reignite the crypto bull market following the recent market downturn.
Van de Poppe shared with his 721,400 followers on the social media platform X that a significant influx of funds into both spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) in the coming weeks could serve as a catalyst for a crypto market rally.
“If ETH, especially ETH, starts to become positive, that would be the ideal trigger for the markets to surge.”
He also suggests that deteriorating macroeconomic conditions leading to a rise in gold prices and a weakening US dollar could result in a boost for assets like Bitcoin.
“Continued market unrest, with gold reaching new highs and the dollar and U.S Treasury yields falling, could potentially trigger a market rally.”
Additionally, van de Poppe highlights the importance of crypto assets reclaiming key support levels, particularly ETH against Bitcoin (ETH/BTC).
“Reclaims of certain levels, for instance, ETH to hold above 0.044-0.045 BTC and reverse back up.”
At the time of writing, ETH/BTC is trading at 0.0449 BTC ($2,506).
Furthermore, the analyst believes that a positive market response could be triggered by an announcement of a settlement agreement in the legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple.
Ripple Labs CEO Brad Garlinghouse reportedly stated,
“We expect resolution very soon, but can’t predict when the judge will rule there.”
Despite the ongoing correction in the crypto market, the analyst remains optimistic, pointing out that digital assets could potentially find support at their high timeframe levels.
“I think that this capitulation is heavy, but is, given TA (technical analysis), close to their HTF (high timeframe) support levels and the heaviest panic we could have.”
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
Generated Image: Midjourney
