Altcoins
Ethereum Hints at an Altcoin Rebound Ahead of a Potential “Super Euphoria” Phase: Glassnode Founders
The founders of the cryptoanalysis platform Glassnode believe that Ethereum (ET) could break out before a possible crypto phase of “super euphoria”.
The co-founders of Glassnode, who on social media platform X call Negentropic, tell their 63,000 followers that Ethereum vs. Bitcoin (ETH/Bitcoin) could print a bullish reversal pattern.
According to analysts, the ETH/BTC breakout could signal big gains in store for altcoins in June, which has historically been a very positive month for altcoin projects.
“Looking to the future: the altcoin market is moving. Despite Ethereum price action, JASMY, RLC, and PEPE show strong rallies. ETH/BTC chart suggests trend reversal as Ethereum outperforms Bitcoin following exchange-traded fund ETH [19b-4 forms] approval. Historically, June has been favorable for altcoins. Will the trend continue?”
At the time of writing, ETH/BTC is trading for 0.0542 BTC ($3,773), down nearly 1% over the past 24 hours.
The analysts to suggest that digital assets could soon hit new all-time highs (ATH) along with the stock price of tech company MicroStrategy due to its large size shareholdings of Bitcoin.
“Opinion: Could we be headed for a ‘super euphoria’ in cryptocurrencies? MicroStrategy has bet its entire business on BTC. And so far it has been successful. Its stock price already surpasses the 2021 level. How much further could the MSTR rise? The Elliott and Fibonacci Wave structure provide us with a possible target above ATH starting in 2000. This will only happen if the euphoria continues to grow in BTC and cryptocurrencies.”
Source: Negentropico/X
Looking at the chart of analysts, they suggest that MicroStrategy could rise to $3,560, more than 118% of the current value, based on Elliott wave theory and Fibonacci extensions.
Elliott Wave Theory states that a bullish asset often witnesses a five-wave rally where waves one, three and five are upward movements and waves two and four are corrective periods.
Traders use Fibonacci extensions in technical analysis to estimate profit targets and price pullbacks. They are based on Fibonacci ratios.
MicroStrategy trades at $1,631 at the time of writing, up 3.6% over the past 24 hours. Meanwhile, Bitcoin is trading for $70,282 at the time of writing, up nearly 2% over the past 24 hours.
Don’t miss a beat – subscribe to receive email alerts directly to your inbox
Check Price action
Follow us on X, Facebook AND Telegram
surf Hodl’s daily mix
 
Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that transfers and transactions are at your own risk and that any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Image generated: DALLE3