The crypto market has seen a slight pullback from the general rally witnessed in the last few days and some investors may be worried.
However, there is no need to worry. A top crypto analyst, Michaël van de Poppe in a tweet on 11 September said the correction is just the final one before the altcoin market boom.
A normal process
After many days of a general rally, the crypto market has suddenly turned red, with altcoins that had gained significantly losing some of their gains.
To some investors, this could be catastrophic and many may be tempted to panic sell, but Poppe says it is just a temporary correction and the last one before the altcoin season which many investors have been looking forward to.
Bitcoin reached an all-time high of over $121,000 earlier this year before crashing back below $110,000. Although it has now slightly recovered to $114,000, the market dominance has significantly reduced, currently sitting at 57%.
The Altcoin Season Index has also increased significantly to 67%, meaning the rally is closer now than it was.
With all these indicators, it is more likely for a major altcoin rally to be around the corner than not, hence Poppe’s confidence.
His position is also supported by others in the crypto Twitter space. One wrote:
“Classic final shakeout. Hate to see the red but man its a textbook sign. Everyone panic selling right at the bottom… just before everything rockets. Seen this movie too many times. Not selling a single coin.”
In addition to the indices, there is an expected rate cut from the Fed which historically is a major fuel for the crypto market.
It can be said that such a cut will be timely and could be the major push that will start the altcoin season if any will come in 2025.
What do you think?
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