The founding partners of cryptocurrency analytics firm Glassnode believe that as Bitcoin (BTC) and Ethereum (ETH) rise, altcoins are also set to rise. Here’s the critical commentary!
Altcoin Expectations from the Founder of Glassnode
Jan Happel and Yann Allemann, founding partners of Glassnode sharing Negentropic on social media platform X, indicated that the total altcoin market value is already on the rise, signaling a rise for altcoins. The expert said the following on the subject:
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.
The founders also predict an increase in volatility in the Bitcoin price but expect the rise to continue. While the leading cryptocurrency remains on a general upward trend, they emphasized it could fall to the $40,000 level, saying:
BTC’s upward momentum: embarking on an unknown journey towards $46,000. Despite a four-hour timeframe indicating that BTC is overbought, BTC’s upward trend may continue, which can intensify investors’ FOMO in all areas. Technically, BTC is advancing towards $46,000 in uncharted territory. We expect variable movements between $40,000 and $46,000. The 20-day EMA (exponential moving average) makes short circuit risky by providing a safety net for potential pullbacks. Current models point to a climb towards $45,000. Conclusion: Be cautious but optimistic. However, BTC’s momentum points to further increases.
The two experts also suggested that using the Elliott Wave theory, the total market value of cryptocurrencies could rise to an all-time high of $4.4 trillion during the current bull cycle, potentially exceeding the previous ATH of approximately $3 trillion.
Theory of Increase in BTC!
The Elliott Wave theory attempts to predict price movements based on crowd psychology that tends to emerge in waves. Traditionally, the Elliott wave theory argued that price movements occurred in five waves after three-wave “ABC” corrections. The expert finally said the following on the subject:
Does it attract attention for the third time? When the crypto starts moving, it shifts to a vertical position towards the end of the movement! The journey has just begun. And the relative strength index (RSI) is in the ‘overbought’ zone. Are you ready for this move? At the end of the rally, there could potentially be extreme euphoria.