According to the founders of Glassnode, this signal suggests that altcoins are about to peak

The founders of analytics platform Glassnode say altcoins are about to explode in a massive crescendo at the top of the market.

Glassnode co-founders Jan Happel and Yann Allemann, on the social media platform

Analysts say ETH/BTC has finally broken higher after a long period of consolidation, suggesting that altcoins are about to surge higher.

“'The Ratio Driving the Altcoins Bull Market'”

The ETH/BTC ratio is a measure of the crypto market. The higher the ratio, the higher the risk with cryptocurrencies (altcoins).

When ETH/BTC recovers, altcoins also recover.

And after a long consolidation since the end of 2021, we have just broken higher.

Altcoins will skyrocket.

Everything points to a blow-off top, as Henrik Zeberg suspects.”

Source: Negentropic/X

Henrik Zeberg, the economist mentioned by the Glassnode founders, previously suggested that Bitcoin and cryptocurrencies are entering a rapid top rally and the bull market is reaching an explosive and sudden end rather than a longer multi-year cycle.

Happel and Allemann also look at Bitcoin's ratio to the S&P 500 (SPX), which they say is an important indicator of bull and bear markets for risk assets like BTC.

They say an uptrend for BTC/SPX is intact, suggesting that markets are in a strong risk 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%!

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

The relationship is currently strengthening. It came to light in February 2023 – and therefore it has been advisable to be LONG RISK investments ever since.

There is nothing to suggest that anything has changed in this regard.

RISK-UP!!”

Source: Negentropic/XDon't miss a thing – Subscribe to receive email alerts straight to your inbox

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