Bullish Pattern Emerges
Crypto analysts at Glassnode believe Ethereum (ETH) is showing signs of a bullish breakout, which could lead to a surge in altcoins. The ETH/BTC trading pair suggests a reversal pattern, indicating potential gains for altcoins in June, a month historically favorable for them.
Altcoins on the Rise
Despite Ethereum’s recent price fluctuations, other altcoins like JASMY, RLC, and PEPE have shown strong rallies.
MicroStrategy’s Role
The analysts also suggest that the stock price of MicroStrategy, a company with significant Bitcoin holdings, could reach new highs. They believe this could contribute to a “super euphoria” phase in the crypto market.
Elliott Wave Theory and Fibonacci Extensions
Based on Elliott Wave theory and Fibonacci extensions, Glassnode predicts that MicroStrategy’s stock price could soar to $3,560, an increase of over 118%.
