The co-founders of the blockchain analytics platform Glassnode are expressing bullish sentiment on Bitcoin (BTC).
Glassnode co-founders Jan Happel and Yann Allemann, who share the Negentropic deal with on the X social media platform, say that the gold-to-Bitcoin ratio has “taken off” and is presently on an upward pattern.
The gold-BTC ratio, presently at 18.8, is the worth of Bitcoin relative to the value of gold.
In keeping with the Glassnode co-founders, the gold-BTC ratio may surge to a three-figure stage.
“We may even see that the [gold-BTC] ratio hit ranges better than 100 which implies one BTC shall be valued 100 occasions multiple ounce of gold.
Main risk-on transfer could also be coming!”
Bitcoin is buying and selling at $37,487 at time of writing whereas an ounce of gold is value $1,993. If the Glassnode founders’ prediction turns into true that BTC shall be 100 occasions value an oz. of gold, BTC may surge to $199,300, translating to features of roughly 432%.
The Glassnode co-founders additionally analyze the broader altcoin market. In keeping with Happel and Allemann, the Bitcoin-altcoin cycle indicator is signaling that the “altcoin season is on the horizon” after reaching a stage of 85.
The Bitcoin-altcoin cycle indicator measures whether or not merchants favor altcoins over Bitcoin. Values of over 50 point out that Bitcoin is underperforming altcoins and that the market could also be getting into an altcoin season.
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