It has been just revealed that Bitcoin’s price could explode by more than 400%. Check out the latest reports about the matter below.
Bitcoin new optimistic price prediction
There are all kinds of optimistic predictions about the price of Bitcoin these days, and we are going to focus on the most recent one.
At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $37,951.
Glassnode’s co-founders, Jan Happel and Yann Allemann, who go by the handle Negentropic on social media, are optimistic about the future of Bitcoin (BTC).
They believe that the gold-to-Bitcoin ratio is currently on an upward trend and has already “taken off”.
The gold-BTC ratio, which currently stands at 18.8, represents the value of Bitcoin in relation to the price of gold. According to Happel and Allemann, this ratio could potentially reach 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 vs. gold
According to the predictions made by the founders of Glassnode, Bitcoin may soon be worth 100 times more than an ounce of gold.
If this prediction comes true, the value of BTC could skyrocket to $199,300, resulting in gains of approximately 432%.
The co-founders of Glassnode, Happel and Allemann, also analyze the broader altcoin market. They reveal that the Bitcoin-altcoin cycle indicator is indicating that the “altcoin season is on the horizon” after reaching a level of 85.
The Bitcoin-altcoin cycle indicator measures whether traders prefer altcoins over Bitcoin.
Values over 50 imply that Bitcoin is underperforming altcoins and that the market could be entering an altcoin season.
Stay tuned for more news from the crypto space and make sure to keep your eyes on the market as well.
