Bitcoin fends off that U.S. GDP is a “nothing burger.” However, DXY has hit a two-week high that has traditionally caused BTC prices to plummet. Amid these developments, a popular analyst shares his BTC, DOGE and LINK forecasts.
Analyst warns of BTC price drop!
The leading cryptocurrency rose modestly after the Federal Reserve raised interest rates to the highest level since 2001. Because the markets had already priced in the Fed’s decision. US gross domestic product (GDP) came in better than forecast at 2.4% year-on-year for the second quarter. This indicated that inflationary pressures continued to decrease. So it has the potential to be a catalyst for risky asset performance. However, Bitcoin did not have an obvious reaction after the Wall Street opening. Meanwhile, stocks were similarly pretty flat.
That’s why Michaël van de Poppe, founder and CEO of trading firm Eight, hopes that the July 28 Personal Consumption Spending (PCE) Index release will provide a more tangible growth stimulus. The popular analyst stated that the price action of Bitcoin (BTC) today and tomorrow is of great importance. Check out this article of Kriptokoin.com for the analyst’s accurate predictions. Michaël van de Poppe says BTC’s price action will be determined by the US PCE and GDP figures, both released today. From this point of view, the analyst uses the following statements.
Bitcoin rejects the critical area of $29,700. More important today and tomorrow. Because it has GDP AND PCE data. If the numbers are good, we will exceed $30,000. But it wouldn’t surprise me if we see low levels to do so.
Source: Michaël van de Poppe/TwitterGDP figures came in more positive than expected, according to the analyst. Van de Poppe expects BTC to rise if the PCE numbers are also positive. Accordingly, he shares the following predictions:
GDP turned out to be much more positive than expected. This is a great thing. Soft landings are starting to gain momentum. If GDP turned out to be worse than expected, you would see markets fall. Bitcoin is stable, stocks are stable. Now PCE is better than expected and we are rising.
Still, the analyst says that BTC will likely fall one more step before taking another step. In this context, “Open Interest has reached new heights. The price is rising. There is a high probability for Bitcoin to go down before it goes up. What if it doesn’t? Break $29,700 at once and let’s have a party,” he says.
Source: Michaël van de Poppe/TwitterMaster analyst expects boom at DOGE and LINK
The crypto analyst then moves to Blockchain oracle Chainlink (LINK). The analyst predicts that LINK is ready to explode. For this, “Let’s continue with LINK. This retest has expired. Now it’s ready for $10,” he says.
Source: Michaël van de Poppe/TwitterThe analyst also takes a look at Shiba Inu’s (SHIB) rival Dogecoin (DOGE). Michaël van de Poppe predicts a big move up again. Accordingly, “DOGE is likely continuing its expansion towards $0.10. Buy bottoms though,” he says.
Source: Michaël van de Poppe/Twitter
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