Altcoins Poised for a Major Move, According to Glassnode Founders
The co-founders of crypto analytics firm Glassnode, Jan Happel and Yann Allemann, believe that altcoins are preparing for a significant upward movement. They suggest that the total market capitalization of digital assets excluding Bitcoin (BTC) and Ethereum (ETH) is currently in a consolidation phase and ready to soar.
Happel and Allemann’s chart analysis indicates that key indicators such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are showing bullish signals on the weekly timeframe. Additionally, they note that the US dollar index (DXY) is in a downtrend, which often aligns with an uptrend for risk-on assets like Bitcoin.
The potential approval of a spot market BTC exchange-traded fund (ETF) in early January is also seen as a bullish catalyst for the crypto markets.
Hot Take: Altseason on the Horizon
According to Glassnode’s founders, altseason is now imminent as the crypto markets gear up for a major move. With altcoins consolidating and key indicators flashing bullish signals, the stage is set for significant upside potential. Furthermore, the downtrend in the US dollar index and the possibility of a BTC ETF approval further support this optimistic outlook. Crypto investors should stay tuned for potential opportunities in the coming weeks.
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