Analysts at Glassnode, a blockchain analytics firm, predict a significant surge in Bitcoin’s value.
Resistance at $72,000
Co-founders Jan Happel and Yann Allemann believe that if Bitcoin breaks through the “formidable” resistance level of $72,000, it could reach an unprecedented high of $75,000.
Market Range and Potential Trigger
Currently, Bitcoin is expected to trade within a range of $64,000 to $72,000, providing an opportunity for other cryptocurrencies to gain momentum. However, if Bitcoin surpasses the $72,000-$74,000 mark, it could trigger a “short-squeeze,” propelling its value to new heights.
Inflation Concerns
The Glassnode co-founders caution that upcoming inflation data from the US could negatively impact the crypto market. Rising inflation and interest rate hikes could lead to a sell-off in cryptocurrencies.
Bitcoin’s Value Relative to Gold
The analysts also suggest that the BTC/gold ratio could rise by approximately 2.24x in the coming months. This implies that Bitcoin could outperform gold by more than double.
