The co-founders of Glassnode, a crypto analytics platform, have made a bold prediction about Bitcoin’s performance compared to gold. Going by the name Negentropic on X social media platform, they have informed their 63,000 followers that the BTC/gold ratio could more than double during the current bull cycle. Currently standing at 29, the BTC/gold ratio represents the value of Bitcoin relative to the price of gold. The co-founders believe that Bitcoin has the potential to reach 65 times the price of gold by the end of this cycle, surpassing the shiny metal in terms of performance. They express their preference for BTC over gold at this point in time.

At the time of writing, Bitcoin is trading at $70,547, experiencing a 2.5% increase in the last 24 hours.

Moving on, the analysts also suggest that Dogecoin (DOGE) could follow a pattern observed in the previous two bull markets and surge to $2.52. To make this prediction, they employ Fibonacci extensions, which utilize Fibonacci ratios to estimate profit targets and price pullbacks in technical analysis. They pose the question, “Could altseason send DOGE up by approximately 13 times?”

As of now, DOGE is trading at $0.17, indicating an almost 3% rise in the last 24 hours.

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Disclaimer: The opinions expressed in The Daily Hodl are not to be considered investment advice. Investors should conduct their own thorough research before engaging in high-risk investments involving Bitcoin, cryptocurrency, or digital assets. It’s important to understand that any transfers or trades made are done at one’s own risk, and any resulting losses are the individual’s responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it serve as an investment advisor. Please be aware that The Daily Hodl participates in affiliate marketing.

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