Michaël van de Poppe, one of the most well-known analysts in the cryptocurrency world, shared the state of the market and when an altcoin season could begin.
According to the analyst, there is a high correlation between the Ethereum price and the US Treasury yields. Following the last rate cut meeting, the ETH price increased by 11%.
However, with the change in sentiment and the increase in bond yields, a downward movement began in the ETH price.
Van de Poppe therefore believes that the start of the next altcoin bull season will come after the Fed announces a rate cut decision at its next meeting, which will be held on November 6-7.
The analyst said that his altcoin positions are currently at a loss, but he remains patient due to his thesis.
While the Bitcoin price has recently experienced a significant rally, altcoins have remained quiet, which has led to the BTC dominance reaching its highest price level in recent times. Unlike Bitcoin, which is trading only 9% lower than its all-time high price record, Ethereum is trading in the region of 45% lower than its all-time high price record.
*This is not investment advice.
