Bitcoin Ready To Outperform Gold by at Least Double for Rest of Market Cycle: Glassnode Founders
Release: 2024/05/28 04:19 Reading: 783
Bitcoin Poised to Surpass Gold's Performance in Bull Market, Glassnode Founders Predict
The founders of crypto analytics platform Glassnode anticipate that Bitcoin (BTC) will significantly outperform gold for the duration of the current bull cycle.
Known as Negentropic on social media platform X, the Glassnode co-founders shared their insights with their 63,000 followers, suggesting that the BTC/gold ratio could potentially double in the coming months.
The BTC/gold ratio, currently hovering around 29, represents the value of Bitcoin relative to the price of gold.
"Opinion: There's been a lot of discussion about gold lately. But is gold the optimal asset to hold at this juncture? The BTC-Gold ratio indicates that BTC could reach 65x the price of gold by the end of this crypto bull cycle. This would imply more than double the performance of BTC compared to gold. Take your pick! We favor BTC over gold at this point."
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Source: Negentropic/X
At the time of writing, Bitcoin is trading at $70,547, marking a 2.5% increase over the past 24 hours.
Dogecoin Poised for Substantial Gains in Altseason, Analysts Assert
Additionally, the analysts speculate that Dogecoin (DOGE) may emulate a pattern observed in previous bull markets, potentially surging to $2.52. Their analysis utilizes Fibonacci extensions, a technical analysis tool based on Fibonacci ratios, to project profit targets and price retracements.
"Could altseason propel DOGE by ~13X?"
src="/uploads/20240528/17168422446654ef04a75cd.png">
Source: Negentropic/X
Currently, DOGE is trading at $0.17, exhibiting a rise of nearly 3% in the last 24 hours.
Source: https://thebittimes.com/bitcoin-ready-to-outperform-gold-by-at-least-double-for-rest-of-market-cycle-glassnode-founders-tbt90052.html
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