The founders of Glassnode, a company specializing in blockchain analytics, are optimistic about the future of Bitcoin (BTC) despite its current position 8% below its all-time high. Jan Happel and Yann Allemann, who go by the name Negentropic on social media platform X, believe that Bitcoin could reach a new all-time high of $75,000 if it manages to surpass the challenging resistance level at $72,000.

They state, “At the moment, we expect Bitcoin to trade between $64,000 and $72,000, which gives altcoins an opportunity to shine. The range between $72,000 and $74,000 is characterized by significant supply and selling pressure.”

According to Happel and Allemann, if Bitcoin manages to break through the $72,000 to $74,000 range, it could trigger a short squeeze and push BTC to unprecedented heights. Currently, Bitcoin is trading at $67,945.

In terms of the broader crypto market, the Glassnode founders suggest that upcoming inflation data from the US could have a negative impact. They explain, “Strong income and higher inflation might indicate a Federal Reserve rate hike, which could lead to a sell-off in the crypto market.”

The Glassnode founders also recently predicted that the value of Bitcoin relative to the price of gold, known as the BTC/gold ratio, could increase by approximately 2.24 times in the coming months. The current BTC/gold ratio is 29. They state, “The Bitcoin/Gold ratio still suggests that we could see BTC priced 65 times higher than gold by the end of this crypto bull cycle, meaning Bitcoin would outperform gold by more than double.”

In conclusion, the co-founders of Glassnode remain positive about the future of Bitcoin, expressing confidence in its ability to reach new record highs. However, they caution that external factors, such as inflation data, could impact the overall crypto market.