This AI Cryptocurrency Has Great Potential, According to Glassnode Founders

Glassnode's co-founders believe Bitcoin (BTC) could soon regain momentum after briefly retreating into the low $90,000 range.

Their perspective comes from analyzing trends in long-term holders’ (LTHs) behavior, which appears less aggressive compared to earlier this year.

Long-Term Holders and #Bitcoin‘s Correction 📊

Long-term holders have taken profits near $100K, but not as aggressively as in Q1.

The lack of continuous realized profit spikes suggests fewer LTHs exited during this correction—possibly signaling we’ve already hit the bottom. 🚀 pic.twitter.com/rgyKgz7xVI

— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) November 28, 2024

Jan Happel and Yann Allemann, known by their online alias Negentropic, shared insights with their social media audience, suggesting Bitcoin’s downward movement might already be nearing its end.

They observed that LTHs – entities holding Bitcoin for more than 155 days—typically sell during bullish market phases but showed less urgency to offload their holdings this time. This restrained profit-taking activity, they argue, might indicate the market has reached its bottom.

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The duo also expressed confidence in the potential of Artificial Superintelligence Alliance (FET), a cryptocurrency project tied to artificial intelligence. They emphasized their methodology for identifying promising altcoins during Bitcoin’s quieter periods.

When Bitcoin corrects in an uptrend, we use the 3FA checklist for Altcoin opportunities:

1️⃣ Strong fundamentals & part of a narrative with traction.
2️⃣ RSI is neutral (weekly/daily).
3️⃣ Price hasn’t exploded, still in accumulation.

FET checks all boxes, compressing since July.… pic.twitter.com/0HJi6py12t

— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) November 27, 2024

This approach involves examining the project’s fundamentals, ensuring it aligns with a relevant narrative, and assessing whether its technical indicators like the Relative Strength Index (RSI) suggest neutrality. Additionally, they favor projects still in an accumulation phase rather than those experiencing sharp price spikes.

Their analysis points to FET as a strong candidate, noting its steady price consolidation since July. They recommend taking advantage of lower price ranges for strategic accumulation.

Alexander Stefanov