Blockchain analysis company Glassnode’s co-founders Jan Happel and Yann Allemann expressed their bullish expectations for Bitcoin (BTC), which is trading 8% below its all-time high. The duo also highlighted the possibility that the largest cryptocurrency could rise up to 65 times the price of gold based on the BTC/gold ratio.
Major Bitcoin Surge Threshold: 72 Thousand Dollars
Sharing their views on the social media platform X through the Negentropic account, the duo stated that if Bitcoin can surpass the significant resistance level of 72 thousand dollars, it has the potential to reach its all-time high of 75 thousand dollars.
The duo emphasized that currently, Bitcoin is expected to fluctuate between 64 thousand and 72 thousand dollars, providing an opportunity for altcoins to come to the fore. Moreover, they defined the 72 thousand to 74 thousand dollar range as a region with high supply and selling pressure.
Glassnode’s co-founders highlighted that if Bitcoin manages to rise above the 72 thousand to 74 thousand dollar level, it could trigger a short squeeze, propelling BTC to unprecedented new peaks. Currently, Bitcoin is trading at 67 thousand 445 dollars, indicating that the critical resistance range is approaching.
Happel and Allemann warned that broader market context, specifically inflation data from the US, could negatively impact the cryptocurrency market. They added that strong income and high inflation could signal a potential interest rate hike by the Fed, leading to sales in the cryptocurrency market. This situation illustrates the interconnection of macroeconomic factors and their potential impacts on the cryptocurrency market.
Bitcoin Could Rise to 65 Times the Price of Gold
Furthermore, Glassnode’s co-founders recently discussed Bitcoin’s value relative to the gold price, known as the BTC/gold ratio. They predicted that this ratio could increase by approximately 2.24 times in the coming months.
Currently, the BTC/gold ratio is at 29. They assess that by the end of the current crypto bull cycle, Bitcoin has the potential to rise to 65 times the price of gold, indicating that Bitcoin could significantly outperform gold.
