Crypto strategist Michaël van de Poppe thinks the digital asset market is still a few weeks away from completing its multi-month correction.
The analyst tells his 722,800 followers on social media platform X that September is a historically bullish month for crypto.
According to Van de Poppe, altcoins already exist flashing signs of life in their Bitcoin (BTC) pair.
“The last few weeks of pain are happening in the markets.
From September onwards it will again be the best period of the cycle for Bitcoin and crypto.
BTC valuations are already slowly rising.”
To support his bullish stance on altcoins, Van de Poppe shares a chart of TOTAL3 versus Bitcoin (TOTAL3/BTC).
TOTAL3 tracks the market capitalization of crypto excluding Bitcoin, Ethereum (ETH) and stablecoins and is used to measure the performance of altcoins.
According to Van de Poppe, TOTAL3/BTC seems to be preparing for an outbreak.
“The only card to look at.
TOTAL3/BTC looks absolutely great, with a huge bullish divergence.
This indicates that altcoins are on edge for a big breakthrough.”
A bullish divergence is often seen as a bullish reversal signal because it suggests momentum is increasing while the price is falling or trading sideways.
Van de Poppe also says he is keeping a close eye on the decentralized finance (DeFi) crypto sector.
“I think DeFi will be one of the strongest performers in the rest of 2024.
The TVL ratios (total value locked) are high ETHespecially when you combine this with market capitalization.
AAVE has been a strong performer in recent weeks and will likely break through if it breaks $135.”
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
Follow us further X, Facebook And Telegram
Surf to the Daily Hodl mix
Generate image: Midjourney