The co-founders of the crypto analytics firm Glassnode think Bitcoin (BTC) could soar toward a new all-time high faster than many analysts and traders expect.
Glassnode co-founders Jan Happel and Yann Allemann, who share the Negentropic handle on the social media platform X, predict that the US dollar index (DXY) will peak at 106.
The DXY, a measure of the value of the US dollar against a basket of six major currencies, is valued at 103.51 at time of writing, according to MarketWatch.
Happel and Allemann predict that the DXY hitting its peak will set the stage for a “prime Bitcoin environment.”
A peaking US dollar index suggests that investors are starting to make their capital work in risk assets such as crypto.
Say Happel and Allemann,
“Up next: Bitcoin aiming for $37,000 before soaring higher in the autumn!”
The Glassnode co-founders also share a chart that projects Bitcoin will surge to more than $144,000 by early 2024.
The crypto analysts also note that Bitcoin has flashed signs of recovery this week.
“Oversold indicators hint at potential short-term gains. However, keep an eye out for the risk signal plateauing at 100, suggesting a consolidation phase until demand dynamics shift.”
BTC is trading for $26,057 at time of writing. The top-ranked crypto asset by market cap is roughly 62% down from its all-time high of more than $69,000, which it hit in November 2021.
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