Glassnode founders shared the Bitcoin-Gold price ratio value analysis and noted that it will be five times high in the incoming bull run.
Glassnode is a popular crypto analytics firm which provides on-chain market intelligence and exchange data for institutional and retail crypto investment. In short, it helps to bring a more clear picture of the crypto market sentiments.
On 22 Nov 2023, Jan Happel and Yann Allemann, the co-founders of the Glassnode platform, shared their opinions on the current market sentiments and tried to provide a clear picture to decide the perfect investment plan, whether Gold or Bitcoin?
The Glassnode co-founders said that the Gold-to-Bitcoin ratio surged rapidly in recent weeks and it will surge more in the coming months as a part of an uptrend in the crypto market.
The Gold-to-Bitcoin ratio figure is currently 18.8 and this will surge to a three figures level, according to Glassnode co-founders. If this prediction becomes true then in that situation the value of Bitcoin will be 100 times that of Gold.
The current trade price of Bitcoin and gold is $37,500 & $1,993 respectively. This means the trade price of Bitcoin is 18.8 times higher than Gold. To hit the 100 times value, the Bitcoin trade price should hit at least $199,300 which may not be possible for this bull run because the majority of the veteran Bitcoin traders are expecting only a $1 million trade price as the highest for Bitcoin in the coming bull run.
The current situation for the Bitcoin and crypto market is different and the inflow of money is taking place because of potential chances of Bitcoin spot ETF approvals in the US.
However this prediction was based on past Bitcoin price pattern performance but we should expect at least 50 times increment in the Bitcoin-to-Gold ratio.
According to experts’ analysis, if Bitcoin spot ETF will be approved then all the fund managers will be required to hold a huge amount of Bitcoins to provide a better customer experience for the ETF traders, so high-level institutional fund inflow in the Bitcoin market is expected.
The current trade price of Bitcoin is $37,787 & this trade price is 10.55% high over the last 30 days of trade price. The next target for Bitcoin is to break the $38k level which was expected two days back but failed because of the negative news linked with top crypto exchange Binance.
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