‘More Upside Is Coming’: Crypto Market Set For 350% Growth, Predicts Glassnode Cofounders
April 22 2024 - 11:00PM
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Negentropic, the official X (formerly Twitter) account of
Glassnode’s cofounders, has offered its own bullish sentiment
for the crypto market. Glassnode Cofounders: There Would Be A
Massive Growth Beyond Recent Corrections According to their
analysis, the market, excluding the top 10 cryptocurrencies, known
as “OTHERS,” is showing signs of a strong uptrend with the
potential for “more upside” growth. Related Reading: Analyst
Reveals Bitcoin’s Bull Market Breakthrough: Here’s What You Need To
Know This observation amidst increased volatility and uncertainty
following the recent Bitcoin Halving event on April 20 reduced
miners’ block subsidy rewards from 6.25 BTC to 3.125 BTC. The
cofounders pointed out an intriguing pattern in the market’s
behavior, comparing the current conditions to the “strong
correction” seen in early 2021, which they identified as “wave 4”
in the market cycle. 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 Using their index and
Fibonacci levels, Glassnode’s cofounders anticipate approximately a
350% increase from the current market levels, noting: More upside
is coming. This index and our Fibonacci levels gives us, that we
may see ~350% upside from current levels. Notably, this bullish
projection underscores their confidence in the potential for
further market expansion despite recent downturns. Crypto Market
Recovery Amid Bitcoin Criticism And Post-Halving Predictions While
the Glassnode Co-founders have predicted significant growth for the
crypto market, it’s important to note that the overall market
sentiment remains bullish. After a notable decline last week, the
global crypto market is showing signs of recovery, with nearly a 3%
increase in the past 24 hours. This upward movement can be
attributed to major cryptocurrencies like Bitcoin and Ethereum,
which have seen gains of 2.7% and 1.7% over the same period.
Bitcoin, the flagship cryptocurrency, has recently faced criticism
from prominent figures like Peter Schiff, who criticized its high
transaction fees and longer processing times. The cost to complete
a #Bitcoin transaction is now $128 and it takes a half hour to
process. This is another reason why Bitcoin can’t function as a
digital currency. The cost to actually use Bitcoin as a currency is
prohibitively high for almost all transactions. It’s a failure. —
Peter Schiff (@PeterSchiff) April 22, 2024 Due to these challenges,
Schiff labeled Bitcoin as a “failure” in terms of digital currency.
However, it’s worth noting that Bitcoin’s average transaction fee
has significantly decreased to $34.86 on April 21, following a
record high of $128.45 the day before. Meanwhile, analyst and
founder of the Capriole Investment fund Charles Edwards has shared
three possible scenarios for Bitcoin after the Halving. Edwards
highlighted the increase in Bitcoin’s electrical cost to $77,400
per new BTC coin produced, while the overall miner price, including
block rewards and fees, surged to $244,000. Related Reading: 3
Major Metrics To Watch Out For That Can Impact Ethereum Prices He
predicts that Bitcoin’s price may skyrocket, approximately 15% of
miners may shut down their operations, or transaction fees will
remain elevated. Edwards expects a combination of these scenarios
to unfold, ultimately leading to Bitcoin’s price surpassing
$100,000. Featured image from Unsplash, Chart from TradingView
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