The crypto market is priming itself for a big move to the upside, the founders of Glassnode say.
Glassnode co-founders Jan Happel and Yann Allemann, who share the Negentropic handle on the X social media platform, suggested that the crypto bull market is still on.
The market experts recalled that back in 2021, the crypto market witnessed a major correction, which they believed represented wave 4 in the market cycle. Compared to the current market conditions, characterized by a similar substantial drawdown, the cofounders anticipate a huge rally in crypto assets in the near term.
Based on their proprietary index and Fibonacci levels, Glassnode’s cofounders envision a gargantuan ~350% explosion from the current market levels.
The #Crypto Bull Market Continues.
“OTHERS” follows Crypto excl. the largest 10 Cryptos.
Observe that we in early 2021 had a strong correction. We believe that was a wave 4.
We now have a similar strong decline.More upside is coming. This index and our Fibonacci levels… pic.twitter.com/qKtIOSXneP
— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) April 22, 2024
A Bullish Outlook For Crypto Market
This upbeat prediction comes during a time when the crypto market is witnessing increased volatility and uncertainty after the recent Bitcoin halving — where mining rewards were cut in half. It seems that most investors and traders are now looking out for any signs of an impending price explosion.
At the time of writing, the price of BTC was trading around $66,826, which was about 9.7% down from its all-time high of $73,737. However, it had increased by 2.5% in the last 24 hours.
The broader crypto market is also in the green. The global market cap today sits at $2.44 trillion, marking a modest 2.7% gain in the last 24 hours, according to data from Coingecko.
Market observers still haven’t answered the lingering question: “Is the fourth Bitcoin halving priced in?” Nobody really knows what will happen to the Bitcoin price after the halving, but we do know how prior events panned out. Historically, Bitcoin’s price has embarked on a momentous rally in the wake of each block reward halving event—although typically not right away.
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