{"id":604541,"date":"2024-04-23T03:00:52","date_gmt":"2024-04-23T03:00:52","guid":{"rendered":"https:\/\/uniquehot.com\/?p=604541"},"modified":"2024-04-22T19:05:06","modified_gmt":"2024-04-22T19:05:06","slug":"crypto-market-set-for-growth-predicts-glassnode-cofounders","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/crypto-market-set-for-growth-predicts-glassnode-cofounders\/","title":{"rendered":"‘More Upside Is Coming’: Crypto Market Set For 350% Growth, Predicts Glassnode Cofounders"},"content":{"rendered":"

Negentropic, the official X (formerly Twitter) account of Glassnode’s cofounders, has offered<\/a> its\u00a0own bullish sentiment for the crypto market.<\/p>\n

Glassnode Cofounders: There Would Be A Massive Growth Beyond Recent Corrections<\/h2>\n

According to their analysis, the market, excluding the top 10 cryptocurrencies, known as “OTHERS,” is showing signs of a strong uptrend with the potential for “more upside” growth.<\/p>\n

Related Reading: Analyst Reveals Bitcoin\u2019s Bull Market Breakthrough: Here\u2019s What You Need To Know<\/a><\/div>\n

This observation amidst increased volatility and uncertainty following the recent Bitcoin Halving<\/a> event on April 20 reduced miners’ block subsidy rewards from 6.25 BTC to 3.125 BTC.<\/p>\n

The cofounders pointed out an intriguing pattern in the market’s behavior, comparing the current conditions to the “strong correction” seen in early 2021, which they identified as “wave 4” in the market cycle.<\/p>\n

\n

The #Crypto<\/a> Bull Market Continues.<\/p>\n

“OTHERS” follows Crypto excl. the largest 10 Cryptos.<\/p>\n

Observe that we in early 2021 had a strong correction. We believe that was a wave 4.
\nWe now have a similar strong decline.<\/p>\n

More upside is coming. This index and our Fibonacci levels\u2026 pic.twitter.com\/qKtIOSXneP<\/a><\/p>\n

\u2014 \ud835\udde1\ud835\uddf2\ud835\uddf4\ud835\uddf2\ud835\uddfb\ud835\ude01\ud835\uddff\ud835\uddfc\ud835\uddfd\ud835\uddf6\ud835\uddf0 (@Negentropic_) April 22, 2024<\/a><\/p><\/blockquote>\n

Using their index and Fibonacci levels, Glassnode’s cofounders anticipate approximately a 350% increase from the current market levels<\/a>, noting:<\/p>\n

More upside is coming. This index and our Fibonacci levels gives us, that we may see ~350% upside from current levels.<\/p><\/blockquote>\n

Notably, this bullish projection underscores their confidence in the potential for further market expansion despite recent downturns.<\/p>\n

Crypto Market Recovery Amid Bitcoin Criticism And Post-Halving Predictions<\/h2>\n

While the Glassnode Co-founders have predicted significant growth for the crypto market, it’s important to note that the overall market sentiment remains bullish. After a notable decline last week, the global crypto market is showing signs of recovery, with nearly a 3% increase in the past 24 hours.<\/p>\n

This upward movement can be attributed to major cryptocurrencies like Bitcoin and Ethereum, which have seen gains of 2.7% and 1.7% over the same period.<\/p>\n

\"BTC
BTC price is moving sideways on the 4-hour chart. Source: BTC\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Bitcoin, the flagship cryptocurrency, has recently faced criticism from prominent figures like Peter Schiff, who criticized its high transaction fees and longer processing times.<\/p>\n

\n

The cost to complete a #Bitcoin<\/a> transaction is now $128 and it takes a half hour to process. This is another reason why Bitcoin can’t function as a digital currency. The cost to actually use Bitcoin as a currency is prohibitively high for almost all transactions. It’s a failure.<\/p>\n

\u2014 Peter Schiff (@PeterSchiff) April 22, 2024<\/a><\/p><\/blockquote>\n

Due to these challenges, Schiff labeled Bitcoin as a “failure” in terms of digital currency. However, it’s worth noting that Bitcoin’s average transaction fee has significantly decreased to $34.86 on April 21, following a record high of $128.45 the day before.<\/p>\n

\"Bitcoin
Bitcoin Average Transaction Fee. | Source: YCharts<\/a><\/figcaption><\/figure>\n

Meanwhile, analyst and founder of the Capriole Investment fund Charles Edwards has shared<\/a> three possible scenarios for Bitcoin after the Halving.<\/p>\n

Edwards highlighted the increase in Bitcoin’s electrical cost to $77,400 per new BTC coin produced, while the overall miner price, including block rewards and fees, surged to $244,000.<\/p>\n

Related Reading: 3 Major Metrics To Watch Out For That Can Impact Ethereum Prices<\/a><\/div>\n

He predicts that Bitcoin’s price may skyrocket, approximately 15% of miners may shut down their operations, or transaction fees will remain elevated. Edwards expects a combination of these scenarios to unfold, ultimately leading to Bitcoin’s price surpassing $100,000.<\/p>\n

Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

Negentropic, the official X (formerly Twitter) account of Glassnode’s cofounders, has offered its\u00a0own bullish sentiment for the crypto market. Glassnode Cofounders: There Would Be A Massive Growth Beyond Recent Corrections According to their analysis, the market, excluding the top 10 cryptocurrencies, known as “OTHERS,” is showing signs of a strong uptrend with the potential for “more upside” growth. Related Reading: Analyst Reveals Bitcoin\u2019s Bull Market Breakthrough: Here\u2019s What You Need To Know This observation amidst increased volatility and uncertainty following the recent Bitcoin Halving event on April 20 reduced miners’ block subsidy rewards from 6.25 BTC to 3.125 BTC. The cofounders pointed out an intriguing pattern in the market’s behavior, comparing the current conditions to the “strong correction” seen in early 2021, which they identified as “wave 4” in the market cycle. The #Crypto Bull Market Continues. “OTHERS” follows Crypto excl. the largest 10 Cryptos. Observe that we in early 2021 had a strong correction. We believe that was a wave 4. We now have a similar strong decline. More upside is coming. This index and our Fibonacci levels\u2026 pic.twitter.com\/qKtIOSXneP \u2014 \ud835\udde1\ud835\uddf2\ud835\uddf4\ud835\uddf2\ud835\uddfb\ud835\ude01\ud835\uddff\ud835\uddfc\ud835\uddfd\ud835\uddf6\ud835\uddf0 (@Negentropic_) April 22, 2024 Using their index and Fibonacci levels, Glassnode’s cofounders anticipate approximately a 350% increase from the current market levels, noting: More upside is coming. This index and our Fibonacci levels gives us, that we may see ~350% upside from current levels. Notably, this bullish projection underscores their confidence in the potential for further market expansion despite recent downturns. Crypto Market Recovery Amid Bitcoin Criticism And Post-Halving Predictions While the Glassnode Co-founders have predicted significant growth for the crypto market, it’s important to note that the overall market sentiment remains bullish. After a notable decline last week, the global crypto market is showing signs of recovery, with nearly a 3% increase in the past 24 hours. This upward movement can be attributed to major cryptocurrencies like Bitcoin and Ethereum, which have seen gains of 2.7% and 1.7% over the same period. Bitcoin, the flagship cryptocurrency, has recently faced criticism from prominent figures like Peter Schiff, who criticized its high transaction fees and longer processing times. The cost to complete a #Bitcoin transaction is now $128 and it takes a half hour to process. This is another reason why Bitcoin can’t function as a digital currency. The cost to actually use Bitcoin as a currency is prohibitively high for almost all transactions. It’s a failure. \u2014 Peter Schiff (@PeterSchiff) April 22, 2024 Due to these challenges, Schiff labeled Bitcoin as a “failure” in terms of digital currency. However, it’s worth noting that Bitcoin’s average transaction fee has significantly decreased to $34.86 on April 21, following a record high of $128.45 the day before. Meanwhile, analyst and founder of the Capriole Investment fund Charles Edwards has shared three possible scenarios for Bitcoin after the Halving. Edwards highlighted the increase in Bitcoin’s electrical cost to $77,400 per new BTC coin produced, while the overall miner price, including block rewards and fees, surged to $244,000. Related Reading: 3 Major Metrics To Watch Out For That Can Impact Ethereum Prices He predicts that Bitcoin’s price may skyrocket, approximately 15% of miners may shut down their operations, or transaction fees will remain elevated. Edwards expects a combination of these scenarios to unfold, ultimately leading to Bitcoin’s price surpassing $100,000. Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":545044,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[134,428,1119,78790,6664,10923,90919,61309],"class_list":["post-604541","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoin","tag-bitcoin","tag-btc","tag-btcusdt","tag-crypto","tag-crypto-market","tag-crypto-market-analysis","tag-glassnode"],"acf":[],"yoast_head":"\n'More Upside Is Coming': Crypto Market Set For 350% Growth, Predicts Glassnode Cofounders<\/title>\n<meta name=\"description\" content=\"Negentropic, the official X (formerly Twitter) account to the Glassnode's cofounders have offered their own bullish sentiment for crypto...\" \/>\n<meta name=\"robots\" content=\"index, follow, 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/uniquehot.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"‘More Upside Is Coming’: Crypto Market Set For 350% Growth, Predicts Glassnode Cofounders","url":"http:\/\/uniquehot.com\/news\/crypto-market-set-for-growth-predicts-glassnode-cofounders\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/crypto-market-set-for-growth-predicts-glassnode-cofounders\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/07\/istockphoto-482730527-612x612-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/07\/istockphoto-482730527-612x612-1.jpg?fit=612%2C459"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["altcoin","bitcoin","btc","btcusdt","crypto","crypto market","crypto market analysis","glassnode"],"dateCreated":"2024-04-23T03:00:52Z","datePublished":"2024-04-23T03:00:52Z","dateModified":"2024-04-23T03:00:52Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"‘More Upside Is Coming’: Crypto Market Set For 350% Growth, Predicts Glassnode Cofounders\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/crypto-market-set-for-growth-predicts-glassnode-cofounders\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/crypto-market-set-for-growth-predicts-glassnode-cofounders\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/istockphoto-482730527-612x612-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/istockphoto-482730527-612x612-1.jpg?fit=612%2C459\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"altcoin\",\"bitcoin\",\"btc\",\"btcusdt\",\"crypto\",\"crypto market\",\"crypto market analysis\",\"glassnode\"],\"dateCreated\":\"2024-04-23T03:00:52Z\",\"datePublished\":\"2024-04-23T03:00:52Z\",\"dateModified\":\"2024-04-23T03:00:52Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/07\/istockphoto-482730527-612x612-1.jpg?fit=612%2C459","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/604541"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=604541"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/604541\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/545044"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=604541"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=604541"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=604541"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}