The co-founders of the crypto analytics firm Glassnode believe that altcoins are gearing up for a massive move to the upside.
Glassnode co-founders Jan Happel and Yann Allemann, who share the Negentropic handle on the social media platform X, say that the total market capitalization of digital assets besides Bitcoin (BTC) and Ethereum (ETH) is in a consolidation phase and about to soar.
“1-2-3-4-5 EUPHORIA!
Crypto market is on the verge of major move.
Chart of crypto market minus BTC and ETH.
We have seen the first three phases. Now ACCELERATION AWAITS.
See the chart below for detailed analysis.”
The analysts’ chart suggests that the (MACD) indicator, traditionally used to spot trend reversals and to confirm trends, and the Relative Strength Index (RSI), which aims to measure momentum, are flashing bullish on the weekly timeframe.
The analysts also say that the US dollar index (DXY), a measure of the value of the US dollar against a basket of six major currencies, is in a downtrend, which often coincides with an uptrend for risk-on assets like Bitcoin.
In addition, they say that the possible approval in early January of a spot market BTC exchange-traded fund (ETF) is another bullish case for the crypto markets.
“Christmas Countdown: DXY and ETF Insights in 14 Days!
Intro: Short-term waters may be choppy with a risk/reward of -8%/+8% from current levels, but confidence in mid-term.
The ETF approval window looms 14 days ahead, the DXY is on a downward trend, and equities are on an upward trajectory.
2023 macro headwinds are transforming into tailwinds, and the Santa Claus rally may have more surprises in store.”
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