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In a recent tweet from the official X (formerly Twitter) account of the Glassnode cofounders, operating under the handle 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰, a bullish outlook for the cryptocurrency market has been projected. According to the tweet, the crypto market, excluding the top 10 cryptocurrencies, known as "OTHERS," is showing signs of a strong uptrend with the potential for significant growth ahead.
The tweet highlighted an interesting observation regarding the market's performance in early 2021, noting a robust correction that took place during that period. The cofounders believe that this correction represented wave 4 in the market cycle. Drawing parallels to current market conditions, which are characterized by a similar strong decline, the cofounders anticipate more upside potential shortly.
Utilizing their proprietary index and Fibonacci levels, Glassnode's cofounders predict a staggering ~350% upside from the current market levels. This optimistic projection comes at a time when the crypto market is experiencing increased volatility and uncertainty after the recent Bitcoin halving event, with many investors eagerly watching for signals of a potential bullish trend.
Strong bullish outlook
The Fibonacci levels, a popular technical analysis tool used by traders to identify potential price targets and support/resistance levels, have historically provided valuable insights into the crypto market's behavior. Combined with Glassnode's unique index, which tracks the performance of cryptocurrencies outside the top 10, the cofounders' forecast adds a layer of credibility to their bullish outlook.
While the crypto market has seen its fair share of ups and downs over the years, with periods of rapid growth followed by sharp corrections, the underlying technology and potential applications of blockchain and cryptocurrencies continue to attract interest from both retail and institutional investors. Factors such as increasing adoption, regulatory clarity and mainstream acceptance could further fuel the anticipated upside on the market.
Overall, Glassnode's cofounders' bullish prediction of a 350% upside on the crypto market highlights the potential for significant growth in the coming months. While the market's future performance remains uncertain, the cofounders' insights provide valuable perspectives for investors navigating the crypto landscape.
Alex Dovbnya
Dan Burgin
U.Today Editorial Team
Vladislav Sopov