Negentropic, the official X (formerly Twitter) account of Glassnode’s cofounders, has expressed optimism about the crypto market. The Glassnode Cofounders stated that despite recent corrections, they anticipate significant growth ahead.
Their analysis suggests that the market, excluding the top 10 cryptocurrencies called “OTHERS,” is showing a strong upward trend, indicating potential for further growth.
Glassnode Cofounders Analyze Market Behavior
Amidst increased volatility and uncertainty following the recent Bitcoin Halving event on April 20, which reduced miners’ block subsidy rewards from 6.25 BTC to 3.125 BTC, the cofounders of Glassnode have made some intriguing observations about the market’s behavior.
They highlighted a pattern reminiscent of the “strong correction” seen in early 2021, which they identified as “wave 4” in the market cycle. Using their index and Fibonacci levels, Glassnode’s cofounders anticipate approximately a 350% increase from the current market levels, stating, “More upside is coming. This index and our Fibonacci levels give us that we may see ~350% upside from current 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
This bullish projection underscores their confidence in the potential for further market expansion despite recent downturns.
Current State of the Crypto Market
While the Glassnode Co-founders have predicted significant growth for the crypto market, it’s important to recognize that overall market sentiment remains bullish. Following a notable decline last week, the global crypto market is now showing signs of recovery, with nearly a 3% increase in the past 24 hours.
This upward movement can be credited to major cryptocurrencies like Bitcoin and Ethereum, both of which have seen gains of 2.7% and 1.7% over the same period.
BTC price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com
Bitcoin, the leading cryptocurrency, has recently faced criticism from notable figures like Peter Schiff, who raised concerns about its high transaction fees and longer processing times. Despite these challenges, Bitcoin’s average transaction fee dropped to $34.86 on April 21, following a record high of $128.45 the day before.
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
Bitcoin’s Future: Insights from Charles Edwards
Analyst and founder of the Capriole Investment fund, Charles Edwards, has outlined three potential scenarios for Bitcoin following the recent Halving event.
Edwards highlighted the significant 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.
He predicts that Bitcoin’s price could skyrocket, approximately 15% of miners may shut down their operations due to increased costs, or transaction fees will remain elevated. Edwards expects a combination of these scenarios to unfold, ultimately leading to Bitcoin’s price surpassing $100,000.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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