The co-founders of the blockchain analytics platform Glassnode are expressing bullish sentiment on Bitcoin (BTC).
Glassnode co-founders Jan Happel and Yann Allemann, who share the Negentropic handle on the X social media platform, say that the gold-to-Bitcoin ratio has “taken off” and is currently on an upward trend.
The gold-BTC ratio, currently at 18.8, is the value of Bitcoin relative to the price of gold.
According to the Glassnode co-founders, the gold-BTC ratio could surge to a three-figure level.
“We may see that the [gold-BTC] ratio hit levels greater than 100 which means one BTC will be valued 100 times more than one ounce of gold.
Major risk-on move may be coming!”
Bitcoin is trading at $37,487 at time of writing while an ounce of gold is worth $1,993. If the Glassnode founders’ prediction becomes true that BTC will be 100 times worth an ounce of gold, BTC could surge to $199,300, translating to gains of roughly 432%.
The Glassnode co-founders also analyze the wider altcoin market. According to Happel and Allemann, the Bitcoin-altcoin cycle indicator is signaling that the “altcoin season is on the horizon” after reaching a level of 85.
The Bitcoin-altcoin cycle indicator measures whether traders favor altcoins over Bitcoin. Values of over 50 indicate that Bitcoin is underperforming altcoins and that the market may be entering an altcoin season.
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