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The co-founders of Glassnode, a crypto analytics firm, are optimistic about Bitcoin's future, suggesting it could hit six figures early next year, outperforming gold significantly. Jan Happel and Yann Allemann, known as Negentropic on social media, base their optimism on several indicators. The BTC-Gold ratio is signaling potential growth, with the rising above 50 and the showing a bullish crossover. Fibonacci extensions support their prediction of potentially reaching $120,000, consistent with economist Henrik Zeberg’s forecasts. They anticipate the BTC/XAU trading pair could reach a value 98 times that of gold by early 2024, following the completion of the Elliott Wave pattern. BTC’s risk signal suggests that the likelihood of a major price drop is low, even after recent fluctuations. Bitcoin is retesting a neckline on the monthly chart, possibly entering a consolidation phase before an upward rally. This neckline serves as a key indicator of a potential trend reversal. In summary, Glassnode’s co-founders are bullish on Bitcoin, with various factors, including increased interest in Bitcoin options, aligning favorably for its future performance. At the time of writing, Bitcoin is valued at $27,948, reflecting a 1.2% increase in the last 24 hours.
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