- Michael Van de Poppe predicts a September breakout for the altcoin market.
- A “higher low” formation and support zone around $500 billion suggest increased buying demand.
- Overcoming the key resistance zone around $850B could confirm a new bullish phase for altcoins.
Crypto analyst Michael Van de Poppe predicts the altcoin market is positioning itself for a significant breakout. In his post on X, Van de Poppe highlighted a growing bullish setup for the altcoin market, pointing to a “higher low” formation that suggests a potential trend reversal.
While he acknowledged that the market remains in a downtrend on lower time frames, Van de Poppe believes the market structure hints at an upward breakout when viewed from a higher time frame. He anticipates this turnaround could emerge by September.
Notably, the formation of a “higher low” is crucial in technical analysis, as it indicates that buyers are stepping in at higher price levels, which means increased demand and weakening selling pressure. The current support zone, observed between $450 billion and $500 billion, has proven to be a strong foundation where the market has bounced back several times.
According to the analysis, this level’s ability to hold firm could signify a shift in momentum from bearish to bullish.
However, for the bullish scenario to materialize, the analysis notes that the altcoin market needs to overcome a key resistance zone between $800 billion and $850 billion. This resistance has been a tough hurdle in recent months, and breaking through it would likely confirm the start of a new bullish phase.
Van de Poppe’s forecast comes at a time when the altcoin market is showing mixed signals. On shorter timeframes, the market remains under pressure, with lower highs suggesting continued caution among traders. Yet, the broader market trend suggests a consolidation phase, where prices are coiling up for a potential breakout.
Major altcoins like Ethereum and Solana have struggled recently. ETH has declined by 9% in the last seven days, while SOL is down by 13.5% over the same period. Yet, Van de Poppe’s recent observations suggest that a relief rally might be on the horizon.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
