According to Glassnode, a crypto analytics firm, Bitcoin (BTC) could experience a rapid surge towards a new all-time high, much faster than what traders and analysts expect. Check out more details about the matter below.
Glassnode founders reveal exciting news
Co-founders Jan Happel and Yann Allemann, who use the Negentropic handle on X social media platform, believe that the US dollar index (DXY) will climb to 106.
Currently, the DXY is valued at 103.51 as per MarketWatch, measuring the value of the US dollar against six major currencies. The co-founders predict that the DXY reaching its peak would create an ideal environment for Bitcoin to thrive.
Investors seem to be moving towards riskier assets like cryptocurrency, as indicated by the increasing US dollar index.
According to Happel and Allemann, Bitcoin is expected to hit $37,000 soon and soar even higher in the autumn. Glassnode co-founders shared a chart projecting Bitcoin’s value to reach over $144,000 by early 2024.
They also observed that Bitcoin has shown signs of recovery this week.
While oversold indicators suggest the possibility of short-term gains, analysts advise watching out for the risk signal plateauing at 100, indicating a consolidation phase until demand dynamics change.
At the time of writing, BTC is trading for $26,057, which is approximately 62% lower than its all-time high of $69,000 in November 2021.
Bitcoin in the news
Bitcoin and Ethereum, the top two crypto assets by market cap, are in for a tough ride, as per the analysis of a well-known crypto expert. Nicholas Mertens, with a massive following of 511,000 subscribers on DataDash, has warned that the markets are further declining due to the lack of support from bulls.
Also, the entire altcoin space, including Ethereum, is feeling the heat of this decline. Mertens has identified warning signs indicating a potential collapse of Ethereum in the coming weeks. Check out our previous article for more details.
