The co-founders of crypto analytics firm Glassnode believe altcoins are poised to soar as Bitcoin (BTC) and Ethereum (ETH) rise.
Glassnode co-founders Jan Happel and Yann Allemann, who share the Negentropic handle on the social media platform participation that the total altcoin market cap is already rising, indicating bullishness for altcoin.
“How long will altcoins lag before they make their move? The Bitcoin story continues to steer the ship, but a closer look shows that the overall altcoin market cap is catching up. With Ethereum and BTC leading the way, we may be on the cusp of an altcoin wave.”
The founders too to predict increased volatility for the price of Bitcoin, but a continuation of the rally. They say the crypto king could fall to the $40,000 level while remaining in an overall uptrend.
“BTC’s Bullish Momentum: Navigating an Uncharted Journey to $46,000.
Despite the four-hour time frame indicating BTC is overbought, BTC’s uptrend may continue, increasing FOMO (fear of missing out) among investors across the board.
Technically, BTC is navigating uncharted territory towards $46,000. Expect volatile moves between $40,000 and $46,000. The 20-day EMA (exponential moving average) provides a safety net for potential pullbacks, making shorting risky. Current patterns indicate a rise towards $45,000.
Conclusion: stay alert, but optimistic. Still, BTC’s momentum suggests more upside potential.”
Bitcoin is trading at $43,424 at the time of writing, down slightly in the past 24 hours.
The two also use the Elliott Wave theory for this to suggest that the total market cap for cryptocurrencies could rise to an all-time high (ATH) of $4.4 trillion during the current bull cycle, surpassing the previous ATH of around $3 trillion.
Elliott Wave Theory attempts to predict price movements based on crowd psychology, which often manifests itself in waves. Traditionally, Elliott Wave theory suggests that price impulses occur in five waves, following three-wave “ABC” corrections.
“Third time’s a charm? When crypto starts its move, it goes vertical at the end of the move! The journey has just begun. And the RSI (relative strength index) is in the ‘extremely bullish’ zone. Are you willing to take this step? There will probably be extreme euphoria towards the end of the rally.”
At the time of writing, the total crypto market cap stands at $1.69 trillion.
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