Crypto strategist Michaël van de Poppe believes that the digital asset market will complete its multi-month correction in a few weeks.
The analyst tells his 722,800 followers on social media platform X that September is a historically bullish month for cryptocurrencies.
According to Van de Poppe, altcoins are already showing signs of life in their Bitcoin (BTC) pair.
“The markets are currently experiencing the last painful weeks.
September is again the best time of the cycle for Bitcoin and cryptocurrencies.
BTC valuations are already slowly rising.”
To support his bullish stance on altcoins, Van de Poppe shares a chart of TOTAL3 against Bitcoin (TOTAL3/BTC).
TOTAL3 tracks the market capitalization of cryptocurrencies other than 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 a breakout.
“The only chart to keep an eye on.
TOTAL3/BTC is looking absolutely great with a massive bullish divergence.
This suggests that altcoins are on the verge of a major breakout.”
A bullish divergence is often considered a bullish reversal signal because it suggests that momentum is increasing while the price is moving lower or moving sideways.
Van de Poppe also says he is closely monitoring the crypto decentralized finance (DeFi) sector.
“I think DeFi will be one of the strongest performers for the remainder of 2024.
The TVL (Total Value Locked) ratios are high at ETHespecially when you combine this with market capitalization.
AAVE has shown strong performance over the past few weeks and is likely to break out if it crosses the $135 mark.”
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Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, nor is it an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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