Crypto market will continue to surge, says Glassnode Co-founders

If the ongoing trends in the crypto market are anything to go by, it is right to assume that Bitcoin is narrating the tale of survivors—those who held onto BTC in their portfolios at a time when the market was struggling to get past $20,000. As a result, the token has now risen above $65,000. But what does BTC mean amidst this whirlwind of excitement and volatility?

Needless to say, analysts have speculated and predicted amid volatility and many other factors. Glassnode co-founders compared the recent decline in bitcoin prices with that of 2021 when there was a similar strong price correction. What is happening now has been compared to Wave 4, which was highlighted in the early days of 2021. This is based on the potential correction, which is poised to be followed by an upswing. They believe this strong decline to be a sign of the upcoming bullish trend in the crypto market, assuming a rise of about 350% from the current levels. 

Moreover, the overall crypto market is showing signs of recovery, with a 24-hour significant increase in trading volume. Major cryptocurrencies like Bitcoin and Ethereum are showing the most upward trend, each gaining over 2%.

The market has noted trends to express its optimism about the future. Speculation is that Bitcoin could go as high as $100,000 by the end of this year and $1 million by the end of 2028. 

The long-term projection for Bitcoin is positive because it maintains a 30% CAGR, which is a compound annual growth rate. This is precisely the same ground that simplified the aggressive $1 million milestone before the decade-end.

Bitcoin Halving has practically slashed rewards for miners and brought the circulating supply closer to rarity. BTC is scarce in the market, likely to mark an uptick in the listed value. For reference, it is listed at $66,218.32 as the article is being drafted. That represents a 0.30% increase in the last 24 hours and a 4.39% increase in the last 7 days.

While the 24-hour volume is down by 0.40%, the market cap surges by approximately 0.35%.

ETH, for one, is moving away from $3,000 at a reasonable pace. It is currently exchanging hands at $3,170.44. Meme coins like PEPE are up by 6.36%. A bearish trend surrounds BONE, but it could soon reverse that. The global crypto market has seen an increase of 0.29% over the last day, with a market cap of $2.43 trillion.

As the buzz surrounding Bitcoin Halving fades, it’s unclear where BTC will settle in the future. The subsequent iteration, anticipated for 2028, will further reduce rewards and regulate the total circulation of Bitcoin. The subsequent five years are critical for Bitcoin, as the cryptocurrency must seek support at $245,000 in order to surpass the $1 million mark.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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