Crypto analytics firm Glassnode’s co-founders, Jan Happel and Yann Allemann, operating under the online moniker Negentropic, have expressed their belief that Bitcoin (BTC) might swiftly surge to a fresh all-time peak, a prospect that could outpace the expectations of many analysts and traders.
Happel and Allemann, the minds behind Glassnode, foresee the US dollar index (DXY) reaching a pinnacle at 106. As of the current moment, the DXY, reflecting the US dollar’s strength against a basket of major currencies, stands at 103.51 according to MarketWatch. Their projection of the DXY’s apex sets the stage for what they term a “prime Bitcoin environment.”
The implication of a peak in the US dollar index is that investors are becoming more inclined to channel their investments into riskier assets such as cryptocurrencies. As Happel and Allemann put it, “Next in line: Bitcoin aiming to hit $37,000 before embarking on a higher ascent in the autumn!”
In addition, the Glassnode co-founders provide a chart illustrating their projection that Bitcoin’s value could surge past $144,000 by the early months of 2024. The crypto analysts also point out that Bitcoin has exhibited signs of recovery in the current week. They mention, “Indicators signaling overselling hint at potential short-term gains. However, it’s important to monitor the risk signal’s stabilization at 100, which suggests a consolidation phase until demand dynamics shift.”
At the time of writing, BTC is trading at $26,057. This premier cryptocurrency, reigning in terms of market capitalization, has seen a decline of around 62% from its peak value of over $69,000, achieved in November 2021.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.