Glassnode Predicts Bitcoin Could Reach $75,000
Glassnode co-founders, Jan Happel and Yann Allemann, believe that Bitcoin (BTC) has the potential to reach a new all-time high of $75,000. However, this is contingent on the cryptocurrency surpassing its current resistance level at $72,000. In the meantime, they expect BTC to trade within the range of $64,000 and $72,000.
Strong Selling Pressure Expected
Happel and Allemann anticipate that there could be strong selling pressure in the range of $72,000 to $74,000. If Bitcoin manages to break through the $74,000 level, it might trigger a short-squeeze, leading to a significant boost in its price. Currently, Bitcoin is trading at $67,945.
Potential Negative Impact of US Inflation Data
Glassnode highlights the potential negative impact of upcoming US inflation data on the crypto market. They suggest that if the Federal Reserve decides to hike interest rates in response to rising inflation, it could lead to a sell-off of Bitcoin.
Bitcoin-to-Gold Ratio Expected to Increase
Another prediction made by Glassnode is that the Bitcoin-to-gold ratio could increase by 2.24 times in the coming months. This means that Bitcoin has the potential to outperform gold significantly, possibly more than doubling its value. The current BTC/gold ratio currently stands at 29.
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