The Glassnode cofounders, who manage the X account on Twitter with the handle @cnFkOb2r, recently shared their optimistic perspective on the cryptocurrency market in a tweet. They noted that the sector, aside from the top 10 currencies, is exhibiting robust upward momentum and could experience substantial growth in the future.
The tweet brought attention to an intriguing finding about the stock market’s behavior in early 2021, specifically pointing out a significant correction that occurred during that time. According to the founders, this correction signified wave 4 in the market trend. With current markets exhibiting similar steep drops, the co-founders expect further growth opportunities may emerge soon.
“The crypto market rally persists, excluding the top 10 cryptos. Previously in early 2021, we experienced a significant correction which we assume was a wave 4. Now, we see another strong decline. However, we anticipate further gains based on this index and our Fibonacci projections.”
— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) April 22, 2024
Using Glassnode’s unique index and Fibonacci calculations, the co-founders anticipate an impressive gain of approximately 350% from current cryptocurrency market prices. This hopeful forecast emerges amidst the crypto market’s heightened instability and doubt following the Bitcoin halving, as investors closely monitor for indicators of a potential bullish surge.
Strong bullish outlook
Fibonacci levels, a widely-used technical analysis method among traders for determining price objectives and identifying support and resistance points in the crypto market, have historically offered valuable perspectives on its trends. By incorporating Glassnode’s exclusive index, which monitors the performance of cryptocurrencies not in the top 10, the founders’ prediction lends further weight to their bullish stance.
Over the years, the crypto market has experienced its share of volatility, with some significant gains followed by steep declines. However, the technology behind blockchain and cryptocurrencies continues to captivate investors, both retail and institutional, due to their potential uses. Factors like wider adoption, regulatory clarification, and growing acceptance in mainstream society could potentially lead to further growth in the market.
In simple terms, Glassnode’s cocreators believe that the cryptocurrency market could increase by an impressive 350% based on their analysis. However, it is important to note that market outcomes are never certain. Nonetheless, the cofounders’ viewpoint offers crucial insights for investors looking to make informed decisions in the ever-evolving crypto world.
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2024-04-22 17:20