Crypto Bull Market Approaching 'Euphoric Phase', Anticipates Glassnode Analyst James Check
Summary:
James Check, the lead on-chain analyst at Glassnode, predicts an imminent transition from the "enthusiastic bull" phase to the "euphoric bull" phase in the crypto bull market, expecting the latter to bring heightened excitement and volatility. Aligning with Bitcoin's increased media coverage, Check foresees a surge in crypto demand leading to a price hike until the market is replenished with adequate supply. He also positively notes the current bullish market's resilience evident through minor corrections during the rally. More insights from Check's analysis are available in a full interview on the YouTube channel.
In the world of cryptocurrencies, we are on the brink of entering the second and final stage of the bull market, marked by intense euphoria and drastic fluctuations in prices, says lead on-chain analyst at Glassnode, James Check. In a one-on-one with Cointelegraph, Check explained that we are moving from a stage of excited bulls, positioned below the all-time high, into a state of euphoric bulls. He traced the onset of this enthusiastic bull phase back to October 2023, which ended when Bitcoin (BTC) hit its most recent peak earlier in March. Anticipating the next phase, Check forecasts escalating excitement levels and increased volatility. Bitcoin's enhanced visibility in news reports is expected to fuel market demand, leading to soaring prices until supplies resurface to satisfy that demand, he added. Check highlighted the current bull market's strength in Bitcoin's history, attributed to minor corrections throughout the rally, as a positive indication of its robustness. The market's quick recovery to find support strengthens this view. For a deeper understanding of what on-chain analysis reveals about Bitcoin's imminent bull market phase, tune in to our YouTube channel for the complete interview and don't forget to hit subscribe!
Published At
4/1/2024 7:30:00 PM
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