Cryptocurrency analyst and trader Michaël van de Poppe has recently shared his insights on the altcoin market, suggesting that a potential correction may come to an end in early 2025. Van de Poppe, who has a substantial following on YouTube with 169,000 subscribers, believes that the TOTAL3 chart, which tracks the market capitalization of all crypto assets excluding Bitcoin, Ethereum, and stablecoins, is on the verge of a bullish reversal on the weekly chart.
According to Van de Poppe, the recent correction in the altcoin market is likely to wrap up soon, with a possibility of a turnaround as early as January. He anticipates that after a few more weeks of correction, the market could start to trend upwards once again.
In addition to his analysis of the TOTAL3 chart, Van de Poppe also highlights specific altcoins that are showing promising signs. For instance, he mentions that Ethereum against Bitcoin (ETH/BTC) is displaying indications of entering an uptrend. Moreover, he notes that other altcoins like Optimism (OP) are experiencing accumulation by investors, as evidenced by increasing trading volume.
Van de Poppe points out that there is a notable interest in Optimism against Bitcoin, indicating a growing accumulation in this particular pair. He also observes that Ethereum against Bitcoin is gradually climbing up, while the rest of the Ethereum ecosystem is either consolidating or correcting slightly. This discrepancy suggests that the entire ETH ecosystem may still be undervalued.
As of the time of writing, OP/BTC is trading at 0.00002051 BTC ($2.01), up 5.83% in the last 24 hours, while ETH/BTC is trading at 0.03675 BTC ($3,606), up 3.23% in the last 24 hours.
In conclusion, Van de Poppe’s analysis provides valuable insights into the altcoin market and potential opportunities for investors. As the market continues to evolve, staying informed and monitoring key indicators can help traders make informed decisions and navigate the volatile cryptocurrency landscape. Subscribe to receive email alerts and follow The Daily Hodl on social media platforms for the latest updates in the crypto space.