Altcoin Market Cap Poised for 350% Surge: Glassnode Experts Forecast
The co-founders of Glassnode, Jan Happel, and Yann Allemann, also known as Negentropic on a popular social media platform, are optimistic about the potential of the altcoin market cap, projecting a substantial 350% increase following the recent correction.
Altcoin Market Analysis
- Happel and Allemann suggest the altcoin market is mirroring a previous structure from 2021, characterized by a sharp retracement followed by a significant bull run.
- They utilize the Elliott Wave theory, indicating a typical five-wave rally pattern in assets, to support their analysis.
Market Trends and Catalysts
- The founders highlight the weakening of the US dollar index (DXY) as a positive factor for the cryptocurrency market.
- They observe a potential downside move in the DXY, indicating a possible boost for Bitcoin (BTC) and the overall market sentiment.
Spot Bitcoin ETF Influence
- Happel and Allemann discuss the impact of spot BTC exchange-traded funds (ETFs) on prices.
- They note that ETF investors are more reactive to price declines rather than being the root cause of market movements.
Currently, Bitcoin is valued at $66,434, showing a slight decrease in the past 24 hours.
Hot Take: Glassnodeโs Altcoin Market Prediction
The Glassnode co-founders foresee a significant uptrend in the altcoin market, expecting a remarkable 350% surge post the recent correction. Their analysis, supported by market trends and technical patterns, suggests a bullish outlook for altcoins and Bitcoin in the near future.
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