- Glassnode founders suggest altcoins catching up as Bitcoin narrative prevails.
- Predicted Bitcoin volatility, emphasizing potential ascent towards $46,000.
- Application of Elliott Wave theory hints at a $4.4 trillion total crypto market value.
the visionary minds behind cryptocurrency analytics firm Glassnode, Jan Happel and Yann Allemann, are foreseeing a substantial uptick in the altcoin market as Bitcoin (BTC) and Ethereum (ETH) continue their upward trajectory.
Altcoin Market Rally Projections
Happel and Allemann, the founding partners of Glassnode, took to social media platform X to express their insights on the burgeoning altcoin market. According to them, the collective value of altcoins is already displaying signs of an imminent surge. In their commentary, they pondered on the time it might take for altcoins to catch up with the prevailing Bitcoin narrative, stating:
“How much further will altcoins lag before they move? The Bitcoin narrative continues to steer the ship, but upon closer inspection, it appears that the total altcoin market value is catching up. With Ethereum and BTC leading the way, we are potentially on the verge of an altcoin rise.”
Anticipated Volatility in Bitcoin
While forecasting a rise in altcoins, the Glassnode founders also predicted an upswing in Bitcoin’s volatility. Despite potential fluctuations, they emphasized the likelihood of BTC‘s value continuing to ascend. The duo highlighted the possibility of Bitcoin’s value reaching $46,000, even though a short-term correction to $40,000 could occur. Their analysis considered technical indicators like the 20-day EMA (exponential moving average) and cautioned investors to be vigilant yet optimistic about BTC’s momentum.
Elliott Wave Theory and Cryptocurrency Market Growth
Delving into market theories, Happel and Allemann applied the Elliott Wave theory to suggest that the total cryptocurrency market value might soar to an unprecedented $4.4 trillion in the current bullish cycle, surpassing the previous all-time high of around $3 trillion. The Elliott Wave theory, grounded in crowd psychology and wave patterns, indicates potential upward movements for cryptocurrencies.
The Journey Towards Extreme Euphoria
Closing their commentary, the Glassnode founders contemplated the ongoing momentum in the cryptocurrency market, drawing attention to the vertical movement expected in the final stages of a rally. They hinted at the relative strength index (RSI) being in the ‘overbought’ zone, signaling a potential move towards extreme euphoria as the rally concludes.
In summary, Glassnode’s founders provide a nuanced outlook, urging caution but maintaining optimism, as they navigate the intricate dynamics of Bitcoin and Ethereum’s ascent, along with the anticipated surge in altcoin markets.
Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.