June 20, 2024

Bitcoin Could Skyrocket to ‘Unprecedented Heights’ if This Happens, According to Glassnode Co-Founders

The co-founders of blockchain analytics firm Glassnode are expressing bullish sentiment on Bitcoin (BTC) as the flagship crypto asset lingers by around 8% below the all-time high.

Glassnode co-founders Jan Happel and Yann Allemann who share the handle Negentropic on the social media platform X, say that Bitcoin could hit a new all-time high of $75,000 if BTC overcomes the “formidable” resistance level at $72,000.

“Currently, expect BTC to range between $64,000 and $72,000, giving altcoins a chance to shine. The $72,000 – $74,000 range is marked by high supply and selling pressure.”

According to the Glassnode co-founders, if Bitcoin breaks above the $72,000 to $74,000 level, it could “trigger a short-squeeze, propelling BTC to unprecedented heights.”

Bitcoin is trading at $67,945 at time of writing.

On the wider crypto market, the Glassnode co-founders further say that upcoming inflation data from the US could have a negative impact.

“Strong income and higher inflation might hint at a Federal Reserve rate hike, risking a crypto sell-off.”

The Glassnode co-founders also recently said that the value of Bitcoin relative to the price of gold, the BTC/gold ratio, could rise approximately 2.24x over the coming months. The BTC/gold ratio currently stands at 29.

“Bitcoin/Gold ratio still suggests that we could see BTC at 65x the price of gold at the end of this crypto bull cycle.

This would imply more than double the performance of BTC compared to the shiny metal.”

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