The co-founder of Glassnode, a blockchain analytics firm, has expressed optimism about bitcoin (BTC) as its flagship crypto asset has fallen about 8% below its all-time high.
Glassnode co-founders Jan Happel and Jann Allemann, who use the social media platform X pseudonym negentropic, said #bitcoin could hit a new all-time high of 72,000 if #StartInvestingInCrypto "overcomes the 'impressive' resistance level of 75,000.
BTC is currently expected to fluctuate between alt64,000 and alt72,000, giving #altcoins a chance to prove themselves. The alt72,000 to alt74,000 range is characterized by high demand for supply and sales. " "
According to Glassnode's co-founder, if bitcoin breaks the aforementioned $72,000 to $774,000 level, "it could trigger a short-term squeeze that would take BTC to unprecedented heights.
At the time of writing, bitcoin is trading at $BTC As for the broader cryptocurrency market, Glassnode's co-founder also said that upcoming U. S. inflation data could have a negative impact.
High earnings and rising inflation could signal higher interest rates from the Federal Reserve, which is actively getting rid of cryptocurrencies. " "
Glassnode's co-founder also recently stated that the ratio of bitcoin's value to the price of gold - the BTC/gold ratio - could increase by about 2.24 times in the coming months. Currently, the BTC/gold ratio stands at 29.
The Bitcoin/gold ratio still suggests that at the end of this crypto bull cycle, the price of BTC could be 65 times the price of gold. "
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