The co-founders of the blockchain analytics platform Glassnode are expressing bullish sentiment on Bitcoin (BTC<\/a>).<\/p>\n Glassnode co-founders Jan Happel and Yann Allemann, who share the Negentropic handle on the X social media platform, say<\/a> that the gold-to-Bitcoin ratio has \u201ctaken off\u201d and is currently on an upward trend.<\/p>\n The gold-BTC ratio, currently at 18.8, is the value of Bitcoin relative to the price of gold.<\/p>\n According to the Glassnode co-founders, the gold-BTC ratio could surge to a three-figure level.<\/p>\n \u201cWe may see that the [gold-BTC] ratio hit levels greater than 100 which means one BTC will be valued 100 times more than one ounce of gold.<\/i><\/p>\n Major risk-on move may be coming!\u201d<\/i><\/p>\n Bitcoin is trading at $37,487 at time of writing while an ounce<\/a> of gold is worth $1,993. If the Glassnode founders\u2019 prediction becomes true that BTC will be 100 times worth an ounce of gold, BTC could surge to $199,300, translating to gains of roughly 432%.<\/p>\n The Glassnode co-founders also analyze the wider altcoin market. According to Happel and Allemann, the Bitcoin-altcoin cycle indicator is signaling<\/a> that the \u201caltcoin season is on the horizon\u201d after reaching a level of 85.<\/p>\n The Bitcoin-altcoin cycle indicator measures<\/a> whether traders favor altcoins over Bitcoin. Values of over 50 indicate that Bitcoin is underperforming altcoins and that the market may be entering an altcoin season.<\/p>\n \u00a0<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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