Negentropic is the official X (formerly Twitter) account of the co-founders of Glassnode. offered Unique bullish sentiment towards the crypto market.
Glassnode co-founder: Expects significant growth beyond recent corrections
According to their analysis, the market excluding the top 10 cryptocurrencies known as “OTHERS” is showing signs of a strong upward trend with the potential for “further upside” growth.
This observation amid increased volatility and uncertainty following the recent Bitcoin halving event on April 20th resulted in the Miners Block Subsidy reward being reduced from 6.25 BTC to 3.125 BTC.
The co-founders compared the current situation to the “strong correction” seen in early 2021, and noted an interesting pattern in market behavior, identifying this as the “fourth wave” of the market cycle.
of #cipher The bull market continues.
“OTHERS” follows Crypto excl. 10 largest cryptocurrencies.
Note that there was a strong correction in early 2021. It is believed that it was the fourth wave.
We are seeing similar significant declines today.Further upside is likely to come. This index and Fibonacci levels… pic.twitter.com/qKtIOSXneP
— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) April 22, 2024
Using index and Fibonacci levels, Glassnode's co-founders predict an upside of around 350% from current market levels.
Further upside is likely to come. This index and Fibonacci levels suggest that we could see up to a 350% upside from current levels.
Notably, this bullish forecast underscores their confidence in the potential for further market expansion despite the recent economic downturn.
Cryptocurrency market recovery amid Bitcoin criticism and post-halving predictions
Although Glassnode's co-founders predict significant growth in the crypto market, it is important to note that overall market sentiment remains bullish. After a notable decline last week, the global cryptocurrency market is showing signs of recovery, rising nearly 3% in the past 24 hours.
This upward trend is driven by major cryptocurrencies such as Bitcoin and Ethereum, which are up 2.7% and 1.7% over the same period.
Bitcoin, the flagship cryptocurrency, has recently come under fire from celebrities such as Peter Schiff, who criticizes its high transaction fees and long processing times.
cost to complete #bitcoin The current transaction amount is $128 and takes 30 minutes to process. This is another reason why Bitcoin cannot function as a digital currency. In fact, the cost of using Bitcoin as a currency is prohibitive for almost all transactions. That's a failure.
— Peter Schiff (@PeterSchiff) April 22, 2024
Because of these challenges, Schiff called Bitcoin a “failure” from a digital currency perspective. However, it is worth noting that Bitcoin's average transaction fee dropped significantly to $34.86 on April 21st, following the previous day's all-time high of $128.45.
Meanwhile, Charles Edwards, analyst and founder of Capriol Investment Fund, shared three possible scenarios for Bitcoin after the halving.
Edwards noted that while the cost of Bitcoin electricity increased to $77,400 for each newly produced BTC coin, the overall miner price, including block rewards and fees, soared to $244,000. emphasized.
He predicts that the price of Bitcoin could skyrocket, and about 15% of miners could cease operations or have transaction fees remain high. Edwards expects a combination of these scenarios to play out, ultimately pushing the price of Bitcoin above $100,000.
Featured image from Unsplash, chart from TradingView
