Michaël van de Poppe is a popular crypto strategist. He thinks that a gold price correction is all it would take to start the next rallies in the altcoin markets. As one of the most followed accounts on X with 791,800 followers, van de Poppe is worth watching as gold’s price action unfolds. He considers it a key metric for predicting short-term movement of altcoins. He claims that a decline in gold prices is a sign that investors have an increased risk appetite. This change would likely be a positive for the cryptocurrency market.
In the short-term, Van de Poppe observes that gold seems to have created a bearish lower high pattern on the six-hour timeframe. He even argues that gold might drop to as low as $3,200 in the short term.
"As long as Gold stays sub-$3,365, we’re likely going to see a sharp fall in the coming one to two weeks of anything between 4-10%, resulting into a sudden macroeconomic shift." - Michaël van de Poppe
The analyst argues that falling gold prices are in altcoins’ favor. According to him, a gold price correction would allow a lot more investors to transition into risk-on assets, such as crypto.
"It would enable more investors to be jumping into risk-on assets, when gold implies that it continues to fall." - Michaël van de Poppe
Van de Poppe cautions that if gold breaks above the $3,365 resistance, it might be game over. Such a shift could drive altcoins to deeper lows.
"If it does break above that crucial level, the theory is invalidated, and we’re likely open for printing new highs, which then means that we’re printing new lows on altcoins." - Michaël van de Poppe
He put a spotlight on the use of the offshore Chinese renminbi (the CNH).
"For me, this is crucial, as a correction in Gold and rally in the CNH (offshore Chinese renminbi) implies that we’re going to be seeing more interest flowing into crypto after that.” - Michaël van de Poppe
