Bitcoin Set to Outshine Gold in Current Bull Cycle – Glassnode Predicts
The founders of Glassnode, a crypto analytics platform, are optimistic about Bitcoin’s performance compared to gold in the remaining duration of the ongoing bull market cycle.
Potential Doubling of BTC/Gold Ratio
According to the co-founders of Glassnode, known as Negentropic on X, there is a possibility that the BTC/gold ratio could increase by more than double in the coming months.
- The current BTC/gold ratio stands at 29, indicating the relative value of Bitcoin to gold.
- Negentropic suggests that Bitcoin could reach 65 times the price of gold by the end of the crypto bull cycle, showcasing significant potential for BTC outperformance.
Bitcoin and DOGE Price Movements
At the time of writing, Bitcoin is trading at $70,547, reflecting a 2.5% increase in the last 24 hours.
The analysts also point towards Dogecoin’s price action, indicating a possible repeat of patterns observed in previous bull markets leading to a potential surge to $2.52.
- Using Fibonacci extensions for analysis, the analysts speculate on DOGE potentially experiencing a substantial rise of approximately 13 times in value.
Current Prices and Opportunities
Current pricing:
- Bitcoin: $70,547
- DOGE: $0.17
DOGE is currently up by nearly 3% within the past 24 hours, highlighting potential opportunities for growth.
Hot Take
Bitcoin appears poised to significantly outperform gold throughout the remaining duration of the current bull market cycle, as predicted by Glassnode’s founders.
Explore opportunities like the potential for DOGE to surge based on historical patterns and analysis techniques.
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