The founders of the analytics platform Glassnode are predicting the altcoin market cap will surge by 350% after the recent correction.
Glassnode co-founders Jan Happel and Yann Allemann, who share the Negentropic handle on the social media platform X, say the alt market cap may be forming a similar 2021 structure when there was a sudden retracement followed by a massive bull run.
The analysts use the Elliott Wave theory in their analysis, which states that an asset tends to witness a five-wave rally.
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“The crypto bull market continues. ‘Others’ follow crypto excluding the largest ten cryptos. Observe that we in early 2021 had a strong correction. We believe that was a wave four. We now have a similar strong decline. More upside is coming.
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