Cryptocurrency expert names the condition under which bitcoin will resume growth

Cryptocurrency market analysts note that most digital assets are in a state of consolidation. However, many industry experts suggest that a steady bullish trend may start in the near future. This opinion is shared by the popular analyst Michael van de Poppe. The specialist emphasized that ethereum BTC $61,753.58 Bitcoin -0.89% Market capitalization $1.22 trillion VOL. 24 hours $0.51 billion looks more confident in the current realities, but De Poppe is still confident that bitcoin BTC $61,753.58 Bitcoin -0.89% Market capitalization $1.22 trillion VOL. 24 hours $0.51 billion may soon test the $ 48,000 mark.

According to the analyst, the Dencun update, which will be implemented by the network’s developers in the near future, will have a positive impact on Ethereum’s dynamics. Michael van de Poppe also emphasized that the total capitalization of altcoins is estimated at $ 600 billion. In his opinion, this is a very important technical area, and against this background, the probability increases that the figure may reach $ 1 trillion in the medium term.

on February 7, according to the analytical tracker CoinMarketCap, bitcoin was trading at $ 42,899. The total number of coins circulating on the market is $ 841.6 billion. Traders made daily trading deals worth $ 17.2 billion. Bitcoin’s dominance in the market has dropped to 51%. The flagship of the crypto market is in a steady consolidation, which was the result of a decline in investment activity.

The outcome of the last meeting of the US Federal Reserve played a significant role in this. The US regulator did not change the refinancing rate, keeping it at 5.5%. However, the rhetoric of Fed Chairman Jerome Powell clearly did not inspire investors. The official noted that inflation in the United States is still high, while the national economy continues to grow steadily. Under such conditions, it is less likely that the Fed will be ready to make global changes to its monetary policy in the coming months. However, the CME FedWatch metric indicates that this may happen in May this year.