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.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Featured Image: Shutterstock/Sensvector/Chuenmanuse