The co-founders of crypto analytics platform Glassnode are making a bold prediction about Bitcoin’s performance compared to gold in the current bull cycle. Going by the name Negentropic on social media, they are confident that the BTC/gold ratio could more than double in the coming months. Currently at 29, this ratio represents the value of Bitcoin relative to the price of gold. According to the co-founders, this suggests that Bitcoin could reach a price 65 times higher than that of gold by the end of the crypto bull cycle, surpassing the performance of the shiny metal. In their opinion, Bitcoin is the better asset to invest in at this point.
Bitcoin is currently trading at $70,547, showing a 2.5% increase in the last 24 hours.
In addition to their predictions on Bitcoin, the Glassnode analysts also have their sights set on Dogecoin. They believe that DOGE could potentially follow a pattern observed in the previous two bull markets and skyrocket to $2.52. To make this prediction, they use Fibonacci extensions, a tool in technical analysis that utilizes Fibonacci ratios to estimate profit targets and price pullbacks. They speculate that an “altseason” could push DOGE up by approximately 13 times its current value.
As of now, DOGE is trading at $0.17, showing a nearly 3% increase in the last 24 hours.
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