crypto for all
A
A

Why Bitcoin Could Reach Historic Highs: A Glassnode Analysis

Sun 02 Jun 2024 ▪ 3 min of reading ▪ by Luc Jose A.
Getting informed Trading

Bitcoin is on the verge of reaching a historic milestone that could propel it to unprecedented heights. The co-founders of Glassnode, a company specializing in blockchain analysis, recently expressed unprecedented optimism about the future of the flagship cryptocurrency. With a technical resistance to overcome, Bitcoin’s next moves could well reshape the landscape of digital assets.

Bitcoin : La crypto pourrait exploser selon Glassnode

Glassnode’s Predictions for Bitcoin

The co-founders of Glassnode, Jan Happel and Yann Allemann, recently shared extremely optimistic perspectives on Bitcoin’s evolution. According to their analyses, if the cryptocurrency manages to break through the “formidable” resistance around $72,000, it could reach a new all-time high of $75,000. « Currently, BTC is expected to fluctuate between $64,000 and $72,000, giving altcoins a chance to shine. The range of $72,000 to $74,000 is marked by strong supply and selling pressure », they said on social media.

Currently, Bitcoin is trading at $67,945. According to the co-founders of Glassnode, a break above the $72,000 to $74,000 resistance zone could « trigger a short squeeze, propelling BTC to unprecedented heights ». These predictions highlight the current market dynamics and potential growth catalysts for the leading cryptocurrency.

Economic Stakes and Market Outlook

The optimistic forecasts from Glassnode’s co-founders are not without taking into account the macroeconomic factors likely to influence the cryptocurrency market. Indeed, forthcoming data on inflation in the United States could have a significant impact. According to Happel and Allemann, high incomes and increased inflation could prompt the Federal Reserve to raise interest rates, potentially leading to a massive sell-off in the cryptocurrency market.

Furthermore, the co-founders of Glassnode highlighted the Bitcoin/gold ratio, which could increase by about 2.24 times in the upcoming months. Currently, this ratio stands at 29, but they predict it could reach 65 times the price of gold by the end of this bullish cryptocurrency cycle. This would mean that Bitcoin’s performance could more than double compared to that of gold, further reinforcing its position as a digital store of value.

The forecasts from Glassnode’s co-founders offer an optimistic and ambitious outlook for Bitcoin’s future. However, economic uncertainties and the decisions of the Federal Reserve will continue to play a major role in market movements.

Maximize your Cointribune experience with our 'Read to Earn' program! Earn points for each article you read and gain access to exclusive rewards. Sign up now and start accruing benefits.


Click here to join 'Read to Earn' and turn your passion for crypto into rewards!
A
A
Luc Jose A. avatar
Luc Jose A.

Graduated from Sciences Po Toulouse and holder of a blockchain consultant certification issued by Alyra, I joined the Cointribune adventure in 2019. Convinced of the potential of blockchain to transform many sectors of the economy, I committed to raising awareness and informing the general public about this ever-evolving ecosystem. My goal is to enable everyone to better understand blockchain and seize the opportunities it offers. Every day, I strive to provide an objective analysis of the news, decipher market trends, relay the latest technological innovations, and put the economic and societal issues of this ongoing revolution into perspective.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.