Co-founders of blockchain analysis platform Glassnode Bitcoin It indicates that there is an upward trend on (BTC).
Glassnode co-founders Jan Happel and Yann Allemann, who share the username Negentropic on the social media platform says.
The gold-to-BTC ratio, currently 18.8, is the value of Bitcoin relative to the price of gold.
According to Glassnode co-founders, the gold-BTC ratio could rise to a triple-digit level.
We can see the gold-to-BTC ratio reaching levels higher than 100, which means one BTC will be worth 100 times more than an ounce of gold.
A big risk move may be coming!
NEWS CONTINUES BELOW
While BTC is trading at $37,487 at the time of writing this news, one ounce of gold is worth $1,993. If the Glassnode founders’ prediction that BTC would be worth 100 times the value of an ounce of gold comes true, BTC could rise as high as $199,300, translating into a gain of approximately 432%.
Glassnode co-founders more broadly altcoin It also analyzes the market. According to Happel and Allemann, the Bitcoin-altcoin cycle indicator signals that “altcoin season is on the horizon” after reaching the 85 level.
The Bitcoin-altcoin cycle indicator measures whether investors prefer altcoins over Bitcoin. Values above 50 indicate that Bitcoin is underperforming altcoins and the market may be entering an altcoin season.
