Jan Happel and Yann Allemann, co-founders of the on-chain data analytics platform Glassnode, continue to expect a rise in the largest cryptocurrency Bitcoin (BTC). While the leading duo of the cryptocurrency sector expects a rise of over 400% in BTC, they also stated that an altcoin season could be on the horizon.
Bitcoin – Strong Rising Trend in the Gold Ratio
Jan Happel and Yann Allemann, co-founders of Glassnode who use the username Negentropic on the leading social media platform X, stated that the gold – Bitcoin ratio has “started to rise” and is currently moving in a rising trend.
The altcoin-Bitcoin ratio, highlighted by Happel and Allemann, is currently at 18.8 and the ratio represents the value of Bitcoin compared to the price of gold. According to the co-founders of Glassnode, the gold-Bitcoin ratio can rise to a three-digit level:
We can see that the gold – Bitcoin ratio reaches levels higher than 100, which means that one BTC will be worth 100 times more than an ounce of gold. A major risk move may be coming.
While Bitcoin is trading at $37,487 at the time of writing this article, an ounce of gold is at $1993. If Happel and Allemann’s prediction of BTC being worth 100 times the value of an ounce of gold comes true, the price of Bitcoin could rise to $199,300. This corresponds to a massive increase rate of approximately 432% based on current prices.
Altcoin Season May Be on the Horizon According to the Pair
Meanwhile, the co-founders of Glassnode also analyzed the overall altcoin market. According to Happel and Allemann, the Bitcoin-altcoin cycle indicator reaching 85 suggests that an altcoin season is on the horizon.
The Bitcoin-altcoin cycle indicator shows whether investors prefer altcoins over Bitcoin. A value above 50 for the indicator is considered a signal that Bitcoin is underperforming compared to altcoins and the market may be entering an altcoin season.
