The founders of Glassnode, an analytics firm specializing in blockchain technology, are expressing optimism about the future of Bitcoin (BTC), despite its current position around 8% below its all-time high. Jan Happel and Yann Allemann, who go by the handle Negentropic on the social media platform X, believe that Bitcoin has the potential to reach a new all-time high of $75,000 if it can overcome the “formidable” resistance level at $72,000.
In their analysis, Happel and Allemann state, “At present, we anticipate Bitcoin to trade within the range of $64,000 to $72,000, allowing altcoins an opportunity to shine. The range between $72,000 and $74,000 is characterized by significant supply and selling pressure.”
According to the co-founders, if Bitcoin manages to break above the $72,000 to $74,000 range, it could trigger a short-squeeze, propelling the cryptocurrency to unprecedented heights. As of now, Bitcoin is trading at $67,945.
In addition to their bullish outlook on Bitcoin, Happel and Allemann also suggest that upcoming inflation data from the US could have a negative impact on the wider crypto market. They explain, “Strong income and higher inflation may indicate a Federal Reserve rate hike, which could pose a risk of a crypto sell-off.”
Furthermore, the Glassnode co-founders recently made a prediction about the value of Bitcoin relative to the price of gold, known as the BTC/gold ratio. They believe that this ratio could rise approximately 2.24 times over the next few months. Currently, the ratio stands at 29. Happel and Allemann state, “The Bitcoin/Gold ratio still indicates that we could see Bitcoin priced at 65 times the value of gold by the end of this cryptocurrency bull cycle. This would mean that Bitcoin would outperform gold by more than double.”
In conclusion, the co-founders of Glassnode remain optimistic about the future of Bitcoin, despite its current position below its all-time high. They believe that if Bitcoin can overcome the resistance at $72,000, it has the potential to reach new unprecedented heights. However, they also caution that upcoming inflation data from the US could pose a risk to the wider crypto market. Additionally, they predict that the value of Bitcoin relative to gold could rise significantly in the coming months, indicating strong performance for the cryptocurrency.
