A widely followed crypto analyst is going off on Jerome Powell’s latest Federal Open Market Committee (FOMC) rate hike and speech but sees a silver lining for digital gold Bitcoin (BTC).
Crypto trader Michaël van de Poppe tells his 655,700 Twitter followers that he thinks this will be the Fed’s last rate hike.
“The biggest joke is the fact that Jerome Powell says that the banking system has improved and is healthy, sound and resilient.
It’s the weakest it has ever been and another few banks have been falling apart after market.
This was the last hike.”
Van de Poppe especially takes issue with Powell’s assertion that the US banking system is in a good place right now.
“Jerome Powell:
‘Banking sector has improved and is healthy.’
Haha.”
Despite his concerns with Powell’s speech, Van de Poppe says these moves paint a brighter future for BTC.
“Nothing special in [yesterday’s] presentation with Powell, aside from slight adjustments.
Banking system is sound and resilient, according to Jerome.
Hiking process getting to the end, most likely only 1 more hike and we’re done.
That’s a period of strength for Bitcoin.”
At this point, according to the crypto analyst, even a downturn for Bitcoin will spell a bigger reversal for the king crypto in the future.
“Bitcoin showing strength during a banking crisis is literally what you want and need to see.
If a correction occurs due to the banks falling apart, it’s mostly due to a liquidity crunch, but Bitcoin will only become larger after.”
In light of the US banking crisis, Van de Poppe has some very specific advice for his followers.
“Get your money from banks and buy hard assets like Gold & Silver. Buy Bitcoin and Crypto and wait.
A bank isn’t a bank, you’re lending your money to them so they can take excessive risks.
Adapt.
The decade of Crypto and Commodities.”
Overall, Van de Poppe sees the bigger picture as a bullish environment for BTC to thrive.
“Bitcoin is pretty much stuck in between. Bulls are happy, bears are happy and finding arguments.
I would say that a break above $29,200 and definite confirmation through a retest, that’ my trigger for new highs.
Banks failing, how hard it may sound, is actually bullish for BTC.”
BTC is worth $28,898 at time of writing, up 1.6% in the last 24 hours.
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