A popular analyst says an altcoin project under his radar could explode in the midst of a recession. Keeping in mind that estimates are not precise, let’s look at Michaël van de Poppe’s current analysis.
“Rally is almost inevitable for this altcoin”
Check out Michaël van de Poppe’s accurate predictions here. The popular analyst says he is now watching an altcoin that is showing a lot of strength in the midst of a bear market. Van de Poppe advises his 636,500 Twitter followers that bulls should definitely add Binance Coin (BNB) to their portfolio:
An altcoin to add to your portfolio: BNB. It’s definitely showing a ton of strength, but the entire ecosystem surrounding Binance is expanding heavily. A must-have for your long-term portfolio.
Also, something to add in your portfolio; $BNB.
Definitely showing a ton of strength, but the entire ecosystem surrounding Binance is expanding heavily.
Must-have for your long-term portfolio.
— Michaël van de Poppe (@CryptoMichNL) October 23, 2022
BNB Coin is the cryptocurrency of Binance, the world’s largest exchange. It is currently trading at $273.62. It had recorded the ATH price at $690.93 in the 2021 bull. It is now trading at a 60% discount from this level.
Van de Poppe also carefully monitors the evolution of Bitcoin price
The crypto analyst says that although Bitcoin has been stuck in a small range lately, the boom is imminent. Poppe bases this expectation on macro developments. He predicts that the leading cryptocurrency will eventually burst from the narrow gap:
Events planned for next week make it certain that we will be leaving the range. I’m watching this last resistance ($19,591). After the break, the party can begin.
Van de Poppe is closely following the Consumer Confidence Index (CCI) data coming from the USA today. CCI measures consumer sentiment regarding the strength of the US economy. Another date pointed out by the analyst is December 27, when the US third quarter GDP data will emerge. On this date, the Personal Expenditure Price Index (PCE) figures for September will be released.
Analysts frequently watch key economic statistics to see if US authorities need to loosen their strict monetary policies, which would be very advantageous for the cryptocurrency market.
Fed meeting schedule
- The next critical Fed rate decision will become clear at the meeting on November 1-2.
- Current expectations are that the Fed will raise rates by another 75 basis points.
