Ethereum

Nothing

LONG

BULL

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 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.
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 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’
 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.”
 <figure style="width: 100%" class="wp-caption aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/GG8Nh57W4AACsw4?format=jpg&amp;name=4096x4096" alt="Image" width="3240" height="1540">
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 Source: Negentropic/X
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 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&amp;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!!”
 <figure style="width: 100%" class="wp-caption aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/GHBHd2JXwAA-gjp?format=jpg&amp;name=4096x4096" alt="Image" width="2550" height="1216">
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 Source: Negentropic/X
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/this-signal-suggesting-altcoins-are-about-to-soar-into-blow-off-top-according-to-glassnode-founders-tbt80747.html">https://thebittimes.com/this-signal-suggesting-altcoins-are-about-to-soar-into-blow-off-top-according-to-glassnode-founders-tbt80747.html</a>

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

TheBitTimes

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