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.
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.
Bitcoin Average Transaction Fee. | Source: YCharts
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.
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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Source: NewsBTC.com
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