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The cryptocurrency market is experiencing a reset after experiencing significant volatility in the last few trading weeks. The analysts have predicted and suggested a period of significant growth in the near future.
Factors Driving Growth In The Market
Bullish Outlook
Glassnode, a prominent blockchain firm and its co-founders expressed a bullish sentiment about the crypto market, excluding the top ten cryptocurrencies, which are known as “Others.” They have identified and suggested a positive outlook for crypto markets in the near future.
This observation states that this increase in volatility and uncertainty in the market is driven by the most recent Bitcoin halving event on April 20, which reduced miners’ block subsidy rewards to 3.125 BTC from 6.25 BTC.
The co-founders of Glassnode have pointed out an intriguing pattern in the market’s behavior, from the current conditions to the strong correction experienced in early 2021, which is identified as a “Wave 4” in the market cycle.
The #Crypto Bull Market Continues.
— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) April 22, 2024
"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… pic.twitter.com/qKtIOSXneP
Glassnode’s founders used their indices and Fibonacci levels, which anticipated a 350% increase from the current market levels. The bullish projection also underscores their confidence in the potential for further market expansion despite recent downturns.
Crypto Market Recovery After Halving
The co-founders of Glassnode have predicted tremendous growth for the crypto market. It is crucial to note that the overall market sentiment remains bullish. After a decline in the crypto market in the last week, this week the global crypto market is showing signs of recovery, with nearly a 3% increase in the past 24 hours.
The upward movement can be attributed to major cryptocurrencies like Bitcoin and Ethereum, which have experienced gains of 2.7% and 1.7% respectively over the same period.
Bitcoin, the top cryptocurrency, recently faced criticism from popular industry experts like Peter Schiff. He complained about Bitcoin’s high transaction fees and longer transaction processing time.
Because of these transactional challenges, Schiff referred to Bitcoin as a “failure” in terms of digital currency. However, it is important to note the average transaction fees of Bitcoin has been substantially decreased to $34.81 on April 21. On the previous day, it recorded a high of $128.45 in average transaction fees.
Charles Edward Highlights Three Possible Scenarios In The Market After Bitcoin Halving
Charles Edward, the founder and analyst of Capriole Investment Fund, shared three possible scenarios for Bitcoin after the halving.
He highlighted the increase in Bitcoin electrical costs to $77,400 per new BTC coin produced, whereas the overall miner price, including block rewards and fees, surged to $244,000.
He predicted that Bitcoin’s price may increase by approximately 15%, miners may shut down their operations or transactions will remain elevated. Edwards anticipates these scenarios to unfold, ultimately leading to a significant rise in the Bitcoin prices.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
