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- Technical signals suggest a potential surge in altcoin prices, as per crypto analysts Jan Happel and Yann Allemann, co-founders of Glassnode.
- The total market cap of crypto assets excluding Bitcoin, Ethereum, and stablecoins, known as ALTS (TOTAL3), appears ready for a significant move.
- Bitcoin is still within a large pennant pattern, indicating a possible upward trend following a period of consolidation.
Analysts predict a potential surge in altcoin prices based on technical signals, with Bitcoin also showing signs of an upward trend. The crypto market is poised for significant moves.
Altcoins Ready for a Massive Move
According to Glassnode co-founders Jan Happel and Yann Allemann, altcoins are likely on the verge of a significant move. The analysts, who go by the handle Negentropic on social media platform X, have informed their 62,800 followers that the total market cap of crypto assets excluding Bitcoin (BTC), Ethereum (ETH), and stablecoins, known as ALTS (TOTAL3), appears ready to move up. This prediction is based on the fact that both its monthly relative strength index (RSI) and moving average convergence divergence (MACD) indicators have potentially bottomed out.
Bitcoin Poised for an Upward Trend
Looking at Bitcoin, the analysts suggest that BTC is still inside a large pennant pattern, which traditionally suggests a gradually narrowing consolidation before the next move to the upside. The analysts believe that the recent pullback is a healthy correction before a potential upward trend. At the time of writing, Bitcoin is trading at $61,038.
Conclusion
As per the analysis, the crypto market, particularly altcoins and Bitcoin, is showing strong signs of potential upward trends. Investors and traders should keep a close eye on the market movements and make informed decisions based on these insights.
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