This Signal Suggesting Altcoins Are About To Soar Into Blow-Off Top, According to Glassnode Founders

By The Daily Hodl February 25, 2024 In Bitcoin, Ethereum
Source: Negentropic/X

The founders of analytics platform Glassnode say that altcoins are setting up to explode in a blow-off top market crescendo.

Glassnode co-founders Jan Happel and Yann Allemann, who share the Negentropic handle on the social media platform X, say that the Ethereum versus Bitcoin (ETH/BTC) ratio is a bellwether for altcoins.

The analysts say that after a long consolidation phase, ETH/BTC has finally broken higher which suggests that altcoins are about to soar.

“‘The Ratio which drives Altcoins Bull Market’

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ETH/BTC ratio is a gauge on the crypto market. Higher ratio – the more risk-on in crypto (altcoins).

When ETH/BTC rallies, altcoins rally.

And we have just broken higher after a long consolidation since late 2021.

Altcoins will soar.

All points to a blow-off top as suggested by Henrik Zeberg.”

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Source: Negentropic/X

Henrik Zeberg, the economist mentioned by the Glassnode founders, previously proposed that Bitcoin and crypto are entering into a blow-off top-style rally with the bull market coming to an explosive and sudden end rather than a longer multi-year cycle.

Happel and Allemann are also looking at the Bitcoin versus S&P 500 (SPX) ratio which they say is a key indicator of bull and bear markets for risk assets like BTC.

They say that a bullish trend is intact for BTC/SPX, suggesting that markets are in a strong risk-on climate which bodes well for digital assets.

“Since our BTC/SPX ratio triggered a BULL MARKET SIGNAL, BTC is up 120% and SPX is up 28%!

BTC/SPX ratio is a strong indicator of BEAR vs. BULL market.

At this moment the ratio is strengthening. It flashed in February 2023 – and hence it has been prudent to be LONG RISK ASSETS ever since.

Nothing suggests that anything has changed in relation to this.

RISK-ON!!”

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Source: Negentropic/X

Generated Image: Midjourney

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