Bitcoin Bulls Predict Skyrocketing Prices in 2024

The co-founders of Glassnode, a crypto analytics firm, are optimistic about Bitcoin's future, suggesting it could hit six figures early next year, outperforming gold significantly.

Jan Happel and Yann Allemann, known as Negentropic on social media, base their optimism on several indicators. The BTC-Gold ratio is signaling potential growth, with the RSI rising above 50 and the MACD showing a bullish crossover.

Will #BTC reach 98X the price of #Gold

BTC-Gold ratio seems to be ready to fly. RSI rising and >50. MACD in Bullish Cross-over and Rising.
Fibonacci extensions gives the likely extension levels.

Will we see #Gold ~1200 and #BTC at ~120K

These levels are consistent with… pic.twitter.com/MjF9ILIsIf

— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) October 6, 2023

Fibonacci extensions support their prediction of Bitcoin potentially reaching $120,000, consistent with economist Henrik Zeberg’s forecasts.

They anticipate the BTC/XAU trading pair could reach a value 98 times that of gold by early 2024, following the completion of the Elliott Wave pattern.
BTC’s risk signal suggests that the likelihood of a major price drop is low, even after recent fluctuations.

BTC enjoyed a 6% surge on Sunday, but hitting a roadblock at $28.5K led to a 4.5% dip the following day.

Nevertheless, the Risk Signal's sharp drop below the high-risk threshold suggests that a major decline is improbable at this stage.

Dive deeper in today's compass:… pic.twitter.com/YogiBEMh1v

— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) October 4, 2023

Bitcoin is retesting a neckline on the monthly chart, possibly entering a consolidation phase before an upward rally. This neckline serves as a key indicator of a potential trend reversal.

In summary, Glassnode’s co-founders are bullish on Bitcoin, with various factors, including increased interest in Bitcoin options, aligning favorably for its future performance.

At the time of writing, Bitcoin is valued at $27,948, reflecting a 1.2% increase in the last 24 hours.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.