Crypto Market Rallies After Bitcoin Halving, Glassnode Sees Bullish Signs

The cryptocurrency market is experiencing a resurgence following a period of volatility, with analyst predictions suggesting significant growth ahead. Here’s a breakdown of the key factors driving the market:

Glassnode’s Bullish Outlook

The co-founders of Glassnode, a prominent blockchain analytics firm, offered a bullish sentiment for the crypto market, excluding the top 10 cryptocurrencies (known as “OTHERS”). They identified a strong uptrend in this segment, suggesting potential for “more upside” growth.

Technical Analysis

This bullish outlook is based on observations of a similar pattern to the “wave 4” correction seen in early 2021, which was followed by a significant upswing. The co-founders predict a potential 350% increase from current market levels based on their index and Fibonacci levels.

Market Recovery

The overall crypto market is exhibiting signs of recovery, with a nearly 13% increase in trading volumes in the past 24 hours. Major cryptocurrencies like Bitcoin and Ethereum are leading the charge, with gains of over 2% each.

Bitcoin’s Post-Halving Performance

Despite some criticism regarding high transaction fees, Bitcoin’s price has remained relatively stable after the recent halving event. Analyst Charles Edwards predicts three possible scenarios for Bitcoin: a surge in price, miner shutdowns, or continued high transaction fees. He expects a combination of these factors, ultimately leading to a price exceeding $100,000.

Long-Term Bitcoin Projections

A recent analysis suggests Bitcoin could reach $245,000 within five years if it maintains a 30% compound annual growth rate (CAGR). More aggressive projections forecast a Bitcoin price exceeding $1 million by 2028.

Robert F. Kennedy Jr.’s Blockchain Proposal

In a noteworthy development, presidential candidate Robert F. Kennedy Jr. expressed his intention to implement the US budget on blockchain technology if elected. This initiative highlights the potential for blockchain to enhance government transparency and efficiency.

The Next Bitcoin Halving

With the recent halving behind us, attention is now shifting towards the next halving event anticipated in 2028. This halving is expected to further reduce the supply of new Bitcoins, potentially impacting price and mining profitability.

Memecoin Market

The cryptocurrency market surge has also benefitted meme coins like Bonk (BONK) and Pepe (PEPE). These coins have experienced some volatility but show promising growth potential in the short term.

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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