The Glassnode Co-Founders Predict a Bullish Future for Bitcoin
The co-founders of blockchain analytics platform Glassnode, Jan Happel and Yann Allemann, are optimistic about Bitcoin’s future. They believe that the gold-to-Bitcoin ratio is currently on an upward trend and could even reach triple digits.
Currently at 18.8, the gold-BTC ratio represents the value of Bitcoin relative to the price of gold. Happel and Allemann suggest that this ratio could surpass 100, meaning that one BTC would be valued 100 times more than one ounce of gold. They view this as a potential “major risk-on move.”
At the time of writing, Bitcoin is trading at $37,487, while an ounce of gold is worth $1,993. If their prediction holds true, BTC could surge to $199,300, representing gains of approximately 432%.
The Altcoin Market and the Bitcoin-Altcoin Cycle Indicator
In addition to analyzing Bitcoin’s potential, the Glassnode co-founders also assess the altcoin market. They point to the Bitcoin-altcoin cycle indicator, which currently sits at 85 and suggests that an “altcoin season is on the horizon.”
The Bitcoin-altcoin cycle indicator measures whether traders favor altcoins over Bitcoin. A value above 50 indicates that Bitcoin is underperforming altcoins and may indicate the start of an altcoin season.
Hot Take: Bitcoin Poised for Significant Growth
The Glassnode co-founders’ bullish sentiment on Bitcoin suggests that significant growth may be on the horizon. With the gold-to-Bitcoin ratio potentially reaching triple digits, Bitcoin could see a surge of over 400%. Additionally, the Bitcoin-altcoin cycle indicator indicates that an altcoin season may be approaching. These indicators point to a positive outlook for Bitcoin and the wider cryptocurrency market.
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