Experienced cryptocurrency analyst Michaël van de Poppe explained the general cryptocurrency market and his opinion on altcoins in his statement.
Speaking after Bitcoin started to rise with the announcement of weak economic data from the USA, the analyst said that cryptocurrencies almost always experience sales before FOMC meetings.
He also stated that the bad economic data caused a bad week for the DXY index.
The analyst said that he expects a correction in the Bitcoin price to the level of $ 60,000 to $ 61,000, and then he thinks that the world's largest cryptocurrency will follow a horizontal course at this level.
BTC price is trading at $63,600 at the time of writing, following an approximately 7% rise.
However, speaking about the overall cryptocurrency market value, the analyst claimed that the total market value experienced a correction of around 25% and that it is highly likely that the correction has ended with this event.
Van de Poppe argued that the total cryptocurrency market value may soon reach an all-time high. In addition, he suggested that altcoins could triple their value within two months, so that individual investors who had previously fled could come back.
*This is not investment advice.