Glassnode Founders Predict ‘Explosive’ Bitcoin Move; The number of ‘wholecoiners’ hits 1 million
“Greed is good” said Wall Street’s Gordon Gekko. “Be greedy when others are fearful,” noted Warren Buffett. And while obviously less well-known, Glassnode blockchain analytics gurus are currently expressing a similar sentiment.
Glassnode is one of the leading research firms studying blockchain activity, and when it and its co-founders show the level of conviction displayed in some of their recent tweets, it may be worth paying attention.
The firm’s Swiss founders, Yann Alleman and Jan Happel, run a popular Twitter account, where they share snippets of Glassnode’s latest data analysis, including interesting whale movements (owners of large assets), and potentially bearish and bullish signals.
In fact, the two founders’ account, @Negentropic_ quoted the old Buffett saying the other day….
Be greedy when others are afraid #BTC
Coins with high beta show outsized performance at that moment #Bitcoin take off. Taking a high beta risk now could pay off handsomely in the coming weeks.
Read more 👉 pic.twitter.com/amV0EoSyp5
— 𝒜𝒶𝓇𝒾𝒶𝒾𝒶 (@Negentropic_) 12 May 2023
We noted earlier today in our morning crypto roundup Mooners & Shakers that we’ve seen a proliferation of short-term bearish views across Crypto Twitter. And that’s still true, but the Glassnode data is encouraging for those who are still bullish.
In Alleman and Happel’s latest “Swiss Block” newsletter, with the price of BTC falling below US$27k in recent days, they ponder: “Could this be the step down needed for the trip up to $35k?”
However, they also note that $25,000 is still a possibility, but that they believe it is the “hard bottom” and their mid-term outlook of $35,000 is still in play.
And that is due, they note, to the clear possibility of rate hikes at the Fed break in June, and the US dollar has been trending downward in recent months. “Explosive moves ahead”, they further predict in the tweet below.
“Buy when there’s blood in the streets.”
📉$25.8k is still a possibility, as indicated by the options market
🔮 Confident in our mid-term outlook of $35,000 as external pressures ease.
💼 Market prices Fed break in June, no rate cut – optimal for the run to $35k for… pic.twitter.com/xBnIyHK5A0
— 𝒜𝒶𝓇𝒾𝒶𝒾𝒶 (@Negentropic_) 12 May 2023
Bitcoin ‘wholecoiners’ on the rise
After gleaning a bit more from Glassnode’s latest analysis, we also see another encouraging sign, which is the fact that “wholecoiner” addresses – that is, Bitcoin addresses that hold 1 BTC or more – are increasing.
This niche demographic has just reached the one million mark for the first time – more than double the number of such addresses seen around mid-2016.
It’s a pretty clear indication that high conviction BTC holders have indeed taken the opportunity to “buy when there’s blood in the streets”.
1 million Wholecoiner addresses#Bitcoin pic.twitter.com/4ywupjEfOu
— Rafael Schultze-Kraft (@n3ocortex) 12 May 2023
At the time of writing, Bitcoin (BTC) has surged back above the $27k mark again, changing hands at US$27,245, according to CoinGecko.com.
We simply cannot let it #Bitcoin head and shoulders wins the audience.
Back above $27k things will get very interesting… pic.twitter.com/wB8iEgYNa8
— tedtalksmacro (@tedtalksmacro) 12 May 2023
