A key indicator that predated a 400% altcoin rally is bullish again, according to the co-founders of market intelligence firm Glassnode.
In a new thread, Glassnode co-founders Jan Happel and Yann Allemann – which go to the Negtropic handle – narrate their 63,300 followers on the social media platform
Happel and Allemann came to this conclusion after the Nasdaq fell 2%, while the iShares Russell 2000 ETF (IWM) rose 3%. – a similar move that preceded 2020’s 400% altcoin rally.
“Rotation coming? Yesterday we saw the Nasdaq drop >2%, while IWM rose >3%. This is a clear indication of Rotation. The move to riskier assets. Will we see this in Bitcoin and alts too? Well, in November 2020 we had a day just like yesterday. IWM soared and continued to rise over the next few months.
This signaled the start of the strongest part of the alt rally for the next four months, as TOTAL3 (crypto market excluding BTC and ETH) rose ~400% in just four months. Will we see the same thing again? Will rotation cause a huge rally in Alts? We think that could very well happen!”
TOTAL3 is currently to sit according to TradingView at 575.8 billion.
We move on to the crypto king Negentropic say that Bitcoin (BTC) has major resistance levels ahead and if it were to succeed, the price could rise to between $65,000 and $70,000.
“[We] highlighted the need for BTC to consolidate before moving higher. Key resistance levels: $58,300 and $60,000. BTC price is heating up and testing immediate resistance at $58,523!
Since June 16, we have reached the highest risk level (dark red line), as shown in the graph detected before the correction took place. Medium-term focus: $65,000 and $70,000.”
Bitcoin is trading at $59,139 at the time of writing, down fractionally over the past 24 hours.
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Generated image: Midjourney