Trader Says Bitcoin and Crypto Witnessing Final Weeks of Pain, Predicts Big Breakout for Altcoin Market
Crypto strategist Michaël van de Poppe thinks that the digital asset market is a few weeks away from concluding its multi-month correction.
The analyst tells his 722,800 followers on the social media platform X that September is a historically bullish month for crypto.
According to Van de Poppe, altcoins are already flashing signs of life in their Bitcoin (BTC) pair.
“The final weeks of pain are happening on the markets.
From September onwards, it’s again the best period of the cycle for Bitcoin and crypto.
BTC valuations are slowly grinding upwards already.”
To support his bullish stance on altcoins, Van de Poppe shares a chart of TOTAL3 against Bitcoin (TOTAL3/BTC).
TOTAL3 tracks the market cap of crypto excluding Bitcoin, Ethereum (ETH) and stablecoins and is used to gauge the performance of altcoins.
According to Van de Poppe, TOTAL3/BTC appears to be gearing up for a breakout.
“The only chart to watch.
TOTAL3/BTC looks absolutely great, with a massive bullish divergence.
This indicates that altcoins are on edge for a big breakout.”
A bullish divergence is often seen as a bullish reversal signal as it suggests that momentum is increasing while the price grinds down or trades sideways.
Van de Poppe also says he’s keeping a close watch on the decentralized finance (DeFi) crypto sector.
“I think DeFi is going to be one of the strongest performers in the remainder of 2024.
TVL (total value locked) ratios are high on ETH, especially when you combine this with market capitalization.
AAVE has been a strong performer in the past weeks and is likely to break out if it breaks $135.”
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Author: Henry Kanapi
