Jan Happel and Yann Allemann, the co-founders of on-chain data analytics platform Glassnode, have expressed their expectation of a more than 400% increase in the value of Bitcoin (BTC), the largest cryptocurrency in the crypto sector. They also noted that an altcoin season is approaching.
The co-founders of Glassnode, with the username “Negentropic” on social media platform X, stated that the gold – Bitcoin ratio has started to rise and is currently in an upward trend. The altcoin-Bitcoin ratio is currently at 18.8, representing the value of Bitcoin compared to the price of gold.
According to the co-founders of Glassnode, the gold-Bitcoin ratio can reach a three-digit level. If this happens, it means that one BTC will be worth 100 times more than an ounce of gold, indicating a potential significant risk move.
At the time of writing this article, Bitcoin is trading at $37,487, while an ounce of gold is valued at $1993. According to Happel and Allemann’s prediction, if BTC reaches a value 100 times that of an ounce of gold, the price of Bitcoin could reach $199,300. This corresponds to an enormous increase rate of approximately 432% based on current prices.
Happel and Allemann also analyzed the overall altcoin market. They believe that the Bitcoin-altcoin dominance indicator reaching 85 indicates the approach of an altcoin season. The indicator shows whether investors prefer altcoins over Bitcoin, and a value above 50 indicates that Bitcoin has performed worse than altcoins, signaling the possibility of an altcoin season in the market.