The co-founders of Glassnode, known as Negentropic on X, are confident that Bitcoin (BTC) will significantly outperform gold during the current bull cycle. With over 63,000 followers, they predict that the BTC/gold ratio could more than double in the coming months.
Currently at 29, the BTC/gold ratio measures the value of Bitcoin relative to the price of gold. Negentropic questions whether gold is truly the asset to invest in at this point, suggesting that BTC could reach 65 times the price of gold by the end of this crypto bull cycle. This would mean BTC outperforming gold by more than double. They express their preference for BTC over gold.
At the time of writing, Bitcoin is trading at $70,547, reflecting a 2.5% increase in the last 24 hours.
Moving on, the analysts also discuss Dogecoin (DOGE) and its potential to follow a pattern observed in the previous two bull markets, where it surged to $2.52. They employ Fibonacci extensions, which utilize Fibonacci ratios in technical analysis to estimate profit targets and price pullbacks.
The analysts ask if the altseason could push DOGE up by approximately 13 times its current value.
Currently, DOGE is trading at $0.17, experiencing an increase of almost 3% in the last 24 hours.
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Disclaimer: The opinions expressed at The Daily Hodl are not considered investment advice. Investors are urged to conduct their own research before engaging in high-risk investments involving Bitcoin, cryptocurrency, or digital assets. It is important to be aware that any transfers or trades are done at one’s own risk, and any resulting losses are the investor’s responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it provide investment advice. Please note that The Daily Hodl participates in affiliate marketing.
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