Blockchain analysis company Glassnode’s co-founders, Jan Happel and Yann Allemann, have optimistic projections for Bitcoin's future, considering its current position close to its all-time high. They highlighted the potential for Bitcoin to rise significantly compared to gold, based on the BTC/gold ratio.

Bitcoin's Potential Surge Threshold

Glassnode's co-founders shared their insights on a social media platform, suggesting that if Bitcoin surpasses the critical resistance level of $72,000, it could aim for a new all-time high of $75,000. They mentioned the expected price range for Bitcoin to fluctuate between $64,000 and $72,000, offering opportunities for altcoins to gain traction. Additionally, they identified the $72,000 to $74,000 range as an area with substantial supply and selling pressure.

The co-founders indicated that a breakthrough above the $72,000 to $74,000 level could trigger a short squeeze, potentially pushing Bitcoin to unprecedented peaks. Currently priced at $67,445, Bitcoin is approaching the crucial resistance range.

Happel and Allemann cautioned about the broader market context, particularly referencing inflation data from the US, which could have adverse effects on the cryptocurrency market. They emphasized that robust income and high inflation might lead to a Fed-led interest rate hike, resulting in cryptocurrency market sell-offs. This scenario underscores the interconnectedness of macroeconomic factors with the cryptocurrency market.

Bitcoin's Potential Growth Relative to Gold

Furthermore, the co-founders discussed Bitcoin's value compared to gold, indicated by the BTC/gold ratio, forecasting a significant increase in this ratio in the upcoming months.

The current BTC/gold ratio stands at 29, and the co-founders believe that by the end of the current crypto bull cycle, Bitcoin could rise to 65 times the price of gold, showcasing its potential to outperform the traditional asset.

This analysis was originally featured on COINTURK NEWS.