The founders of Glassnode, a cryptocurrency analytics platform, are forecasting a 350% surge in the altcoin market capitalization.
Elliott Wave Analysis
Jan Happel and Yann Allemann, the co-founders, believe the altcoin market may be mirroring a pattern from 2021, where a significant correction was followed by a bull run. Using Elliott Wave theory, they predict the market is in a “wave four” correction and will soon embark on a “wave five” rally.
Weakening US Dollar
The founders also cite the weakening US dollar index as a bullish catalyst. They suggest that the dollar may have peaked, signaling a potential downward trend that could support a renewed bull market for Bitcoin.
ETF Impact
Regarding spot Bitcoin exchange-traded funds (ETFs), the founders believe investors react to price declines rather than causing them. They note that significant ETF outflows often coincide with price drops, indicating a reactive investor behavior.
Bitcoin Price
At the time of writing, Bitcoin is trading at $66,434, slightly down from the previous 24 hours.
