Category: Gold News

Glassnode Cofounders Predict 65X BTC Breakout — TradingView News

The cofounders of Glassnode, a leading blockchain analytics firm, have made a bold prediction regarding the future of Bitcoin BTCUSD in relation to gold. In a recent tweet from the account 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰, managed by the Glassnode cofounders, they highlighted the ongoing battle between Bitcoin and gold, stating that Bitcoin “dominates Gold – big time.”

The tweet elaborated on their forecast, suggesting a staggering 65x ratio in favor of Bitcoin over gold by the end of the current market movement. Currently, this ratio stands at approximately 34x, indicating that while significant progress has been made, there is still a considerable journey ahead for Bitcoin to fully realize this prediction.

Remember #Gold vs. #Bitcoin?#BTC dominates #Gold – big time. We suggested a 65X ratio to come at the end of the move.

For now we have only reached ~34X. But…. there is an End Date in sight 😉

More highs to come into this extreme #BlowOffTop as forecasted by @HenrikZeberg— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) March 14, 2024

Bitcoin at pivotal moment

The message also hinted at an “end date,” which appears to be in sight, suggesting that the market may be approaching a pivotal moment in this financial narrative. The Glassnode cofounders’ Bitcoin forecast aligns with the views of several enthusiasts and investors who believe that Bitcoin, often referred to as “digital gold,” is on a path to not only challenge but potentially surpass gold as a store of value and investment asset.

This perspective is bolstered by the increasing adoption of Bitcoin and other cryptocurrencies by retail and institutional investors alike, as well as by advancements in blockchain technology and regulatory frameworks. However, it is important to note that the comparison between Bitcoin and gold is complexity, and influenced by a multitude of factors including market sentiment, technological developments, regulatory changes and macroeconomic trends.

Meanwhile, this prediction comes at a time when Bitcoin has reached a new all-time high (ATH), approximately $73,700, showcasing the cryptocurrency’s tremendous growth and resilience. Despite a slight dip to $72,738, marking a 0.03% decrease in the last 24 hours, Bitcoin has experienced an impressive 40.74% increase over the past month, underscoring the bullish sentiment surrounding the digital currency.

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