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This analyst’s Bitcoin prediction is bullish for IOTA, Solana, Quant, Cardano

By:
on Oct 9, 2023
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  • Bitcoin price has staged a strong recovery in the past few weeks.
  • An analyst at Glassnode explained why Bitcoin price could rebound.
  • If he is correct, it means that other cryptocurrencies will rebound.

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Bitcoin price has held very well since August 17th when it crashed to a multi-month low of $24,950. It has bounced back to ~$28,000 even as market risks continued. Some of the top risks are the fears of high interest rates in the US, soaring bond yields, and geopolitics.

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Analyst explains the bullish case for BTC

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Analysts have mixed opinions about the current state of the crypto industry. Some, like MicroStrategy’s Michael Saylor, are extremely bullish, as evidenced by the company’s recent purchases. 

Other analysts expect Bitcoin price to resume the downward trend as the crypto winter continues.

Meanwhile, in a note, a crypto analyst and on-chain expert, has argued that Bitcoin price could resume the bullish trend soon. The analyst, who goes by the name of Checkmate, is the lead analyst for Glassnode, a leading on-chain analysis company.

In a tweet, he noted that Bitcoin’s profit/loss momentum for short-term holders had moved to the green area. He noted that this was the most responsive on-chain trend indicator in the ecosystem. As such, this could be the final profit-taking before doom or a return to Bitcoin’s strength. He believes in the latter view.

In a separate tweet, he pointed that Bitcoin was trading at the value zone and was below the true market cost basis. As shown below, he argued that bears seemed wrong at these prices.

Bitcoin’s recovery needs 2 things

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I believe that Bitcoin price resurgence needs two things to happen. First, it needs the Fed to abandon its extremely hawkish tone. The bank has already hiked interest rates to a multi-decade high of 5.50% and pointed to another 0.25% increase. It has also noted that it will leave them at an elevated level for a while.

Second, BTC needs regulatory clarity in the United States. In this regard, the Securities and Exchange Commission (SEC) needs to first accept spot Bitcoin ETFs by companies like Vanguard, Fidelity, and Blackrock.

The other key regulatory event will be the outcome of the ongoing Binance and Coinbase lawsuits in the US. These lawsuits will likely have a major impact on Bitcoin and other altcoins.If the Glassnode analyst is correct, it means that other altcoins like Cardano, Solana, IOTA, Internet Computer (ICP), and Quant will continue rising. Historically, these coins tend to move in the same direction as Bitcoin.

Binance Bitcoin Cardano Coinbase Federal Reserve System Internet Computer IOTA Quant Solana Altcoins Crypto