Traders predict that Bitcoin and cryptocurrencies have been suffering over the past few weeks and that there will be a major breakout in the altcoin market.

Crypto strategist Michael van de Poppe believes digital asset markets are just weeks away from wrapping up a months-long correction.

The analyst told his 722,800 followers on social media platform X that September was a historically bullish month for cryptocurrencies.

According to Van de Poppe, altcoins are already showing signs of life in Bitcoin (BTC).

“The pain of the last few weeks is unfolding in the markets.

September is once again the best month for Bitcoin and cryptocurrencies.

BTC value is already rising slowly.”

Van de Poppe shares a TOTAL3 vs. Bitcoin (TOTAL3/BTC) chart to support his bullish stance on altcoins.

TOTAL3 tracks the market capitalization of cryptocurrencies excluding Bitcoin, Ethereum (ETH), and stablecoins, and is used to measure the performance of altcoins.

According to Van de Poppe, TOTAL3/BTC appears to be looking for a breakout.

“The only chart worth noting.

TOTAL3/BTC looks very good with a huge bullish divergence.

This indicates that altcoins are heading towards a major breakthrough.”

A bullish divergence is often considered a bullish reversal signal as it suggests that momentum is building while prices are declining or moving sideways.

Van de Poppe also said he is watching the decentralized finance (DeFi) cryptocurrency space closely.

“I think DeFi will be the strongest performer for the rest of 2024.

High TVL (Total Value Locked) ratio. EthereumEspecially when you combine this with market cap.

Ghost It had a strong performance last week and if it breaks $135, it has a good chance of breaking out.”

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Disclaimer: The opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investment in Bitcoin, cryptocurrencies or digital assets. Your transfers and transactions are at your own risk and any losses you may incur are your own responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets and The Daily Hodl is not an investment advisor. The Daily Hodl participates in affiliate marketing.

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