Founding partners of crypto analysis firm Glassnode, Bitcoin While (BTC) and Ethereum (ETH) are rising, he believes altcoins are also about to embark on a rally.
Glassnode co-founders Jan Happel and Yann Allemann, who share the username Negentropic on the social media platform says.
How long will altcoins lag behind before making their move? The Bitcoin narrative continues to drive the market, but a closer look shows that the total altcoin market cap is trying to catch up. With Ethereum and BTC leading the way, we are potentially on the verge of an altcoin rally.
The founders also predict that volatility will increase for Bitcoin’s price but the rally will continue. Crypto They say the king could drop to the $40,000 level while remaining in an overall uptrend.
BTC bullish momentum: Moving forward on the uncharted journey to $46,000.
NEWS CONTINUES BELOWDespite the four-hour time frame showing BTC being overbought, BTC’s uptrend may continue and intensify investor FOMO (fear of missing out) across the board.
Technically, BTC is heading into uncharted territory towards $46,000. We expect choppy movements to occur between $40,000 and $46,000. The 20-day EMA (exponential moving average) provides a safety net for potential pullbacks, making shorting risky. Current models point to a climb towards $45,000.
Conclusion: be vigilant but optimistic. Still, BTC’s momentum suggests further upside.
Bitcoin is trading at $43,424 at the time of writing and has experienced a slight decline in the last 24 hours.
The duo also uses Elliott Wave theory to suggest that the total market cap of cryptocurrencies could rise to an all-time high (ATH) of $4.4 trillion (ATH) during the current bull cycle, surpassing the previous ATH of around $3 trillion.
Elliott Wave theory attempts to predict price movements based on crowd psychology, which tends to manifest in waves. Traditionally, Elliott Wave theory suggests that price impulses occur in five waves after three-wave “ABC” corrections.
Is the third time a charm? Once the crypto starts moving, it becomes vertical at the end of the move! The journey has just begun. And the RSI (relative strength index) is in the ‘extremely bullish’ zone. Are you ready for this move? Extreme enthusiasm is likely to be seen at the end of the rally.
At the time of this news writing, the total crypto market cap was at $1.69 trillion.