The founders of analytics platform Glassnode say altcoins are poised to explode in an explosive crescendo on the top market.
Glassnode co-founders Jan Happel and Yann Allemann, who share the Negentropic handle on social media platform
The analysts say that ETH/BTC has finally broken higher after a long consolidation phase, indicating that altcoins are about to rise.
“’The Rationale Driving the Altcoins Bull Market’
The ETH/BTC ratio is a benchmark in the crypto market. Higher ratio – the more risk there is in crypto (altcoins).
When ETH/BTC rises, altcoins rise.
And we just broke higher after a long consolidation since late 2021.
Altcoins will rise.
Everything points to a blow-off top, as proposed by Henrik Zeberg.”
Henrik Zeberg, the economist mentioned by Glassnode’s founders, previously stated that Bitcoin and crypto are entering a massive rally, with the bull market coming to an explosive and sudden end rather than a longer multi-year cycle.
Happel and Allemann also look at the Bitcoin versus S&P 500 (SPX) ratio, which they say is a key indicator of bull and bear markets for risky assets like BTC.
They say there is a bullish trend for BTC/SPX, indicating that the markets are in a strong risk environment, which bodes well for digital assets.
“As our BTC/SPX ratio created a BULL MARKET SIGNAL, BTC is up 120% and SPX is up 28%!
The BTC/SPX ratio is a strong indicator for the BEAR vs. BULL market.
At this time, the relationship is becoming stronger. It flashed in February 2023 – and that’s why it’s wise to be LONG-RISK ASSET since then.
There is no indication that anything has changed in this regard.
RISK-ON!!”
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Generated image: Midjourney
