Crypto Analyst Predicts End of Market Correction and Anticipates Major Altcoin Breakout Soon

Michaël van de Poppe, a well-known crypto strategist, believes that the digital asset market is nearing the end of its prolonged correction phase, which has lasted several months.

In a recent update to his 722,800 followers on the social media platform X, Van de Poppe highlighted that historically, September has been a bullish month for cryptocurrencies.

He points out that altcoins are beginning to show signs of recovery in relation to Bitcoin (BTC), suggesting that the market is on the brink of a significant shift.

"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," he stated.

To bolster his optimistic outlook on altcoins, Van de Poppe shared a chart depicting TOTAL3 against Bitcoin (TOTAL3/BTC). This metric tracks the market capitalization of cryptocurrencies, excluding Bitcoin, Ethereum (ETH), and stablecoins, serving as a barometer for altcoin performance.

According to his analysis, TOTAL3/BTC is poised for a breakout, signaling that altcoins could be ready for a substantial upward movement.

A bullish divergence, which is often interpreted as a sign of a potential bullish reversal, indicates that momentum is building even as prices may be declining or moving sideways.

Van de Poppe is also closely monitoring the decentralized finance (DeFi) sector, expressing confidence in its potential.

"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 surpasses $135," he noted.

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