Cryptocurrencies and Commodities Are Set for a Massive Rally, Says Market Analyst
Date: 2024-09-16 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS
A prominent market analyst believes that cryptocurrency and commodity markets could be headed for a parabolic rally. This is because crypto assets and commodities remain “extremely undervalued,” according to analyst and entrepreneur Michael van de Poppe.
The analyst noted in a September 15 post on X that the last time commodities were priced at similar levels was in 2000 and 1971.
The index shows that commodities are priced at lower levels than they were in the 2000 bubble that preceded the rise in markets before the 2008 financial crisis.
More analysts are predicting a Bitcoin breakout in October, which could be triggered by the upcoming Federal Reserve meeting on September 18, where an interest rate cut is expected.
Related: SEC Crypto Overreach Costs Small Investors $15 Billion: John Deaton
According to Raoul Pal, founder and CEO of Global Macro Investor, this is because major economies will be forced to refinance their debt.
Some of this growing global liquidity could be funneled into Bitcoin, leading to the next leg of the 2024 cycle as Bitcoin price is closely correlated with the M2 money supply.
Bitcoin Set for Historic 3-Month Rally, Analysts Predict $92,000 Per BTC
Bitcoin appears set for a three-month rally after more than three months of declines, according to historical chart patterns.
Bitcoin recently retested a key support level on the weekly chart, which could lead to a rally above $90,000, according to popular analyst Titan of Crypto.
However, Bitcoin's "alarm stage" could threaten further declines in September before the next leg of gains begins, which could be triggered by the Federal Reserve meeting on September 18.
