One of the most renowned analysts in the crypto world, Michaël van de Poppe, has shared his thoughts on the market’s current state and when the next altcoin bull season might begin.
According to Van de Poppe, there is a strong correlation between Ethereum’s price and U.S. Treasury yields. Following the most recent interest rate cut meeting, ETH’s price surged by 11%. However, as sentiment shifted and bond yields rose, Ethereum experienced a downward movement.
Van de Poppe believes that the next altcoin bull season will kick off after the FED’s decision to cut interest rates in the upcoming meeting, which is scheduled for November 6-7. The analyst, while noting that his current altcoin positions are at a loss, remains patient due to his thesis on the market cycle.
Bitcoin Dominance Remains Strong, Altcoins Lag Behind
Recently, Bitcoin has seen a significant rally, leaving altcoins relatively quiet. This has pushed BTC dominance to its highest levels in recent months. While Bitcoin is trading only 9% below its all-time high, Ethereum is still 45% below its peak.
Van de Poppe’s analysis suggests that the altcoin market will remain subdued until major shifts in macroeconomic factors, such as interest rate cuts, occur. For those holding altcoins, the analyst advises patience, as he believes the next major movement will likely follow the November FED meeting.
What Does the Future Hold for Altcoins?
Van de Poppe’s predictions offer a hopeful outlook for altcoin investors. As Bitcoin continues to dominate the market, many are awaiting the moment when altcoins will start to outperform. The correlation between Ethereum and Treasury yields, according to the analyst, could be a key indicator of when this shift might happen.
For now, it seems that all eyes will be on the next FED meeting, as its outcome could trigger a renewed interest in the altcoin market. As always, the analyst emphasizes the importance of staying informed and keeping a long-term perspective on investments.
Stay tuned to Turkish NY Radio for the latest updates on the crypto market and insights from top analysts like Michaël van de Poppe.
