The bullish sentiment on Bitcoin (BTC) is being echoed by the co-founders of Glassnode, a blockchain analytics firm, as the leading cryptocurrency remains just 8% below its all-time high. Jan Happel and Yann Allemann, who go by the handle Negentropic on X, a social media platform, believe that Bitcoin has the potential to reach a new all-time high of $75,000 if it can overcome the “formidable” resistance level at $72,000.

They state, “Currently, we anticipate that BTC will trade within the range of $64,000 to $72,000, which will give altcoins an opportunity to shine. The $72,000 to $74,000 range is characterized by high supply and selling pressure.”

According to the Glassnode co-founders, if Bitcoin manages to break above the $72,000 to $74,000 level, it could trigger a short-squeeze and propel BTC to unprecedented heights. At the time of writing, Bitcoin is trading at $67,945.

In terms of the broader cryptocurrency market, Happel and Allemann suggest that upcoming inflation data from the US could have a negative impact. They explain, “Strong income and higher inflation might indicate a Federal Reserve rate hike, which could pose a risk of a crypto sell-off.”

The Glassnode co-founders also recently mentioned that the value of Bitcoin relative to the price of gold, known as the BTC/gold ratio, could increase by approximately 2.24 times in the coming months. Currently, the BTC/gold ratio stands at 29. They state, “The Bitcoin/Gold ratio still suggests that we could see BTC at 65 times the price of gold at the end of this crypto bull cycle. This would mean that BTC would outperform the shiny metal by more than double.”

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