The founders of Glassnode, a crypto analytics platform, suggest that Ethereum (ETH) may show a bullish trend against Bitcoin (ETH/BTC), potentially signaling big gains for altcoins in June. Historically, June has been a well-performing month for altcoin projects. The analysts point to the ETH/BTC breakout and the recent approval of an ETH exchange-traded fund as potential catalysts for Ethereum outperforming Bitcoin. The current ETH/BTC price is at 0.0542 BTC ($3,773), down nearly 1% in the past 24 hours.
The analysts also believe that digital assets, including Ethereum, may be heading towards new all-time highs (ATHs) along with the stock price of tech company MicroStrategy, which holds a significant amount of Bitcoin. They suggest that MicroStrategy’s stock price could reach $3,560, more than 118% of its current value, based on the Elliott Wave theory and Fibonacci extensions. The Elliott Wave theory predicts a five-wave surge for bullish assets, with waves one, three, and five as upside moves, and waves two and four as corrective periods. Fibonacci extensions are used in technical analysis to estimate profit targets and price pullbacks based on Fibonacci ratios.
At the time of writing, MicroStrategy is trading for $1,631, up 3.6% in the last 24 hours, while Bitcoin is trading for $70,282, up nearly 2% in the same timeframe. The analysts suggest that if the euphoria in the crypto market continues to build, both MicroStrategy and Bitcoin could experience significant rallies. They point to MicroStrategy’s success in betting their business on BTC as a potential indicator of the market’s direction.
Overall, Glassnode’s founders see potential for a “super euphoria” phase in the crypto market, with Ethereum and altcoins potentially benefiting from bullish trends. They encourage their followers to stay updated on market movements and subscribe to their email alerts for the latest insights. By using technical analysis tools like Elliott Wave theory and Fibonacci extensions, the analysts provide a roadmap for potential price targets and movements in the coming months. As the crypto market continues to evolve, Glassnode’s insights offer valuable information for investors and traders looking to navigate the digital asset space effectively.
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