Crypto strategist Michaël van de Poppe believes the digital asset market is just weeks away from concluding its months-long 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 are already showing signs of life in their Bitcoin (BTC) pair.
“The last few weeks of pain are playing out in the markets.
From September onwards, it is again the best time of the cycle for Bitcoin and cryptos.
BTC valuations are already slowly increasing.
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 cryptocurrencies excluding Bitcoin, Ethereum (ETH) and stablecoins and is used to assess the performance of altcoins.
According to Van de Poppe, TOTAL3/BTC appears to be preparing for a breakout.
“The only chart to watch.
TOTAL3/BTC looks absolutely awesome, with massive bullish divergence.
This indicates that altcoins are about to experience a big breakout.
A bullish divergence is often considered a bullish reversal signal because it suggests that momentum is increasing while price is falling or moving sideways.
Van de Poppe also says he is closely monitoring the decentralized finance (DeFi) crypto sector.
“I think DeFi will be one of the best performers in the rest of 2024.
TVL (total value locked) ratios are high on ETHespecially when you combine that with market capitalization.
AAVE has been a strong performer over the past few weeks and should break out if it breaks above $135.
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