Crypto analysts Jan Happel and Yann Allemann, the co-founders of Glassnode, predict a potential altcoin rally before Christmas. They believe two things need to happen.
The Setup for an Altcoin Rally
First, Bitcoin needs to hold steady above $100,000. This sideways movement would let altcoins gain momentum. Second, the analysts are watching Bitcoin Dominance (BTC.D), which measures Bitcoin’s share of the total crypto market. They see a bearish trend in BTC.D, suggesting altcoins could soon outperform Bitcoin. They tweeted that this could lead to a “Christmas rally” in altcoins.
Currently, Bitcoin is trading slightly above $100,000, and BTC.D is a little below their predicted level.
Long-Term Bitcoin Holders and the Market
The analysts also noted that long-term Bitcoin holders (those holding for over 155 days) have been selling off, but their holdings are at their lowest point of the year. They believe this selling pressure is nearing its end, potentially paving the way for a Bitcoin price increase in early 2025. This selling, they suggest, is partly due to year-end profit-taking and recent liquidations.
The Bottom Line
Happel and Allemann’s prediction hinges on Bitcoin’s price stability and the continued decline in Bitcoin’s dominance of the crypto market. They suggest the conditions could be ripe for a significant altcoin surge before the end of the year. However, they emphasize that this is just their analysis, and investing in cryptocurrencies is inherently risky.
