Bitcoin to $120,000? Glassnode Co-Founders Say One Indicator Is Flashing a ‘Ready-To-Fly’ Signal
The co-founders of the crypto analytics agency Glassnode consider that Bitcoin (BTC) might soar into six figures early subsequent yr.
Glassnode co-founders Jan Happel and Yann Allemann, who share the deal with Negentropic on the social media platform X, say that the king crypto seems able to significantly outperform gold on a rally towards $120,000.
“Will BTC attain 98x the value of Gold?
BTC-Gold ratio appears to be able to fly.
RSI (relative energy index) rising and higher than 50.
MACD (transferring common convergence divergence) in Bullish cross-over and rising.
Fibonacci extensions provides the probably extension ranges.
Will we see Gold ~$1,200 and BTC at ~$120,000? These ranges are in keeping with (macro economist) Henrik Zeberg forecasts.”
Trying on the analysts’ chart, they predict the BTC/XAU buying and selling pair, which is the value of Bitcoin per ounce of gold, will soar to 98x the value of gold by early 2024 after finishing the fifth wave of the Elliot Wave sample (marked 1, 2, 3, 4, 5).
The analysts additionally say that BTC’s danger sign, a metric that gauges the extent of danger of a significant value dip for the highest crypto asset by market cap, signifies BTC is discovering assist after a current drop to under the $28,000 stage.
“BTC loved a 6% surge on Sunday, however hitting a roadblock at $28,500 led to a 4.5% dip the next day. However, the danger sign’s sharp drop under the high-risk threshold suggests {that a} main decline is unbelievable at this stage.”
The analysts note that Bitcoin is retesting a “neckline” on the month-to-month chart and sure coming into a consolidation part earlier than rallying upward.
A neckline is a trendline drawn under a head and shoulders sample and used as a key indicator of a reversal.
“Third time’s a Attraction? BTC has been consolidating above the neckline after finalizing the key bottoming sample. DXY (US Greenback Index) appears to have topped and is prepared for a bigger descent. The construction for BTC appears to be shaping up a rising diagonal. Will wave 5 change into ‘The Attraction’?”
Lastly, the analysts say that extra elements are lining up for bullish BTC momentum, together with elevated Bitcoin choices curiosity.
“Uptober is right here, and we’re driving the bullish wave with type. BTC rockets previous $28,000, marking a dynamic begin to the week, month, and quarter! We’re diving into the guts of BTC season, and danger is hitting the low-risk zone. Worth soars to its highest level in over a month, fueled by ETF (exchange-traded fund) optimism and seasonality. Late October choices quantity teases thrilling value motion forward.”
BTC is value $27,948 at time of writing, up 1.2% within the final 24 hours.
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