Michaël van de Poppe, analyst and trader, shares predictions on the start of a new bull market for cryptocurrencies based on recent economic data.
Signs of a New Bull Market
Van de Poppe noted that the Consumer Price Index (CPI), a key measure of inflation, was lower than analysts expected at 0.2% instead of the forecasted 0.3%. Over the past 12 months, CPI rose by 2.8%, lower than the January figure of 3%. Van de Poppe sees this as a positive sign for a potential bull market in cryptocurrencies, including altcoins.
Bitcoin Losing Momentum to Gold
Mike McGlone, senior commodity expert at Bloomberg Intelligence, believes Bitcoin is losing momentum to gold. McGlone reported increased inflows into gold ETFs, while Bitcoin ETFs are suffering significant outflows. He also thinks that cryptocurrency and stock markets are moving together and that their overvaluation last year could lead to further declines this year.
Current Market Prices and Forecasts
At the time of writing, Bitcoin is trading at $81,086 after a 3.78% decline, losing the $84,110 level. Forecasts for 2025 indicate the potential for continued decline.
Recent data analysis presents a mixed view of the cryptocurrency market. While Michaël van de Poppe sees falling inflation as a catalyst for a bull market, other experts predict declines in cryptocurrencies in tandem with stock markets.
