Glassnode Forecasts Altcoin Surge Amid Bitcoin and Ethereum Rally
Jan Happel and Yann Allemann, the people behind Glassnode, foresee a promising uptick for alternative cryptocurrencies as the values of Bitcoin (BTC) and Ethereum (ETH) continue to surge.
According to the analysis by Happel and Allemann, observed under the alias Negentropic on the X platform, there’s a distinct indication of a rise in the collective market value of alternative coins. This uptrend suggests a favorable climate for the altcoin market.
How much longer will altcoins trail behind before making their move? 🚀🔮
📈 The Bitcoin narrative continues to steer the ship, but a closer look reveals the total altcoin market cap playing catch-up. 🚀
With Ethereum and BTC leading the way, we are potentially on the brink of… pic.twitter.com/KC1QdWmnlE
— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) December 7, 2023
Their assessment hints at a delayed but potentially powerful movement in altcoins. While the dominant narrative revolves around Bitcoin’s influence, a deeper analysis reveals a notable increase in the overall value of alternative cryptocurrencies. With Bitcoin and Ethereum setting the pace, an impending surge in the altcoin market appears imminent.
The projections also anticipate increased fluctuations in Bitcoin’s price trajectory while maintaining an overall upward momentum. The analysis proposes the possibility of Bitcoin’s value dipping to around $40,000, yet persisting on an upward trend.
READ MORE: Market Expert Warns: Bitcoin’s Destiny Tied to ETF Approval
While acknowledging the potential for increased volatility, Glassnode’s assessment implies that Bitcoin’s upward trajectory might continue. Despite signals of overbuying within the four-hour timeframe, the trajectory appears resilient, potentially triggering a sense of urgency among investors.
From a technical perspective, Bitcoin charts an unprecedented course toward the $46,000 mark, marked by probable volatile movements in the range of $40,000 to $46,000.
BTC's Bullish Momentum: Navigating the Uncharted Journey to $46k
Despite the 4H timeframe indicating BTC is overbought. BTC's upward trend may persist, intensifying investor FOMO across the board.
🔍 Technically, BTC navigates uncharted territory towards $46k. Expect volatile… pic.twitter.com/NABbCM3JZY
— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) December 5, 2023
Drawing from the Elliott Wave theory, Glassnode’s analysis suggests a substantial surge in the collective cryptocurrency market cap during the current bullish cycle, potentially surpassing the previous all-time high of about $3 trillion, projecting a new high at $4.4 trillion.
3rd time a Charm?
When #Crypto starts its move – it goes vertical by the end of the move! The journey has just begun.
And RSI is in the "Extremely Bullish" Zone.
Are you strapped up for this move? Extreme Euphoria may likely be seen by end the rally.@HenrikZeberg #bitcoin… pic.twitter.com/CO55dJWtjD
— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) December 4, 2023
The Elliott Wave theory attempts to forecast price movements based on crowd psychology, often manifesting in recognizable wave patterns. Traditionally, it implies that price impulses occur in five waves following three-wave “ABC” corrections.
This projection emphasizes the potential for a significant surge in the cryptocurrency market, indicating the likelihood of extreme enthusiasm towards the conclusion of this bullish cycle.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
