Crypto Market to Surge Massively Despite Downturns, Predict Glassnode Cofounders

Glassnode Cofounders predict substantial growth for the crypto market, excluding the top 10 cryptocurrencies ("OTHERS"), despite recent corrections. Their analysis indicates a strong uptrend in "OTHERS" with potential for a 350% increase from current levels. This bullish sentiment aligns with the overall market recovery, with major cryptocurrencies like Bitcoin and Ethereum showing gains. Notably, Bitcoin has faced criticism for high transaction fees, but its average fee has recently decreased, while analysts predict a surge in its price post-Halving.

Crypto Market Poised for Massive Upswing, Defying Recent Downturns, According to Glassnode Cofounders

Amidst the turbulence and uncertainty that has gripped the crypto market in the wake of the recent Bitcoin halving, the cofounders of Glassnode, through their official Twitter account, Negentropic, have injected a surge of optimism, predicting a significant upswing in the market.

Market Analysis Unveils Strong Uptrend

Negentropic's analysis reveals that the crypto market, excluding the top 10 cryptocurrencies, known as "OTHERS," is exhibiting signs of a robust uptrend, hinting at the potential for further upward momentum. This observation stands in stark contrast to the heightened volatility and uncertainty that followed the Bitcoin halving event on April 20, which reduced miners' block subsidy rewards from 6.25 BTC to 3.125 BTC.

Drawing parallels to the "strong correction" witnessed in early 2021, which they identified as "wave 4" in the market cycle, the Glassnode cofounders draw attention to an intriguing pattern in the market's behavior.

"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

Armed with their index and Fibonacci levels, they anticipate an exponential increase of approximately 350% from the current market levels, underscoring their unwavering belief in the potential for sustained market expansion despite recent downturns.

Overall Market Sentiment Remains Bullish

While Glassnode's cofounders have painted a rosy picture for the crypto market, it is essential to acknowledge that the overall market sentiment remains bullish. Following last week's notable decline, the global crypto market is displaying signs of recovery, with a nearly 3% increase over the past 24 hours.

This positive movement is largely attributed to the performance of major cryptocurrencies like Bitcoin and Ethereum, which have recorded gains of 2.7% and 1.7%, respectively, over the same period.

Bitcoin Faces Criticism, but Transaction Fees Drop

Bitcoin, the flagship cryptocurrency, has recently faced criticism from prominent figures like Peter Schiff, who has highlighted 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

Schiff's criticism stems from the challenges associated with using Bitcoin as a practical digital currency; however, it is important to note 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.

Post-Halving Predictions: Optimism for Bitcoin

Meanwhile, Charles Edwards, analyst and founder of the Capriole Investment fund, has shared three possible scenarios for Bitcoin in the aftermath of the halving.

Edwards emphasizes 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, has surged to $244,000.

His predictions include the possibility of a significant surge in Bitcoin's price, the shutdown of approximately 15% of miners, or the persistence of higher transaction fees. Edwards anticipates a combination of these scenarios, ultimately leading to Bitcoin's price surpassing $100,000.

As the crypto market navigates the uncharted waters of the post-halving era, the optimism exuded by Glassnode's cofounders provides a beacon of hope for investors. Their analysis suggests that the market is poised for significant growth, defying the recent corrections and challenging the doubts that have been cast. With Bitcoin continuing to evolve and the overall market sentiment remaining bullish, the future of crypto appears increasingly promising.