Glassnode co-founders Jan Happel and Yann Allemann, who share the handle Negentropic on the social media platform X, predict that Bitcoin (BTC) could soar into six figures early next year. They believe that the king crypto appears ready to greatly outperform gold on a rally toward $120,000. Analysts are looking at the BTC/XAU trading pair, which is the price of Bitcoin per ounce of gold, and predict it will soar to 98x the price of gold by early 2024 after completing the fifth wave of the Elliot Wave pattern. The risk signal, a metric that gauges the level of risk of a major price dip for the top crypto asset by market cap, indicates BTC is finding support after a recent drop to below the $28,000 level. Bitcoin is retesting a “neckline” on the monthly chart and likely entering a consolidation phase before rallying upward. Additional factors are lining up for bullish BTC momentum, including increased Bitcoin options interest. Uptober is here, and BTC rockets past $28,000, marking a dynamic start to the week, month, and quarter. The US Dollar Index seems to have topped and is ready for a larger descent. At time of writing, BTC is worth $27,948, up 1.2% in the last 24 hours.

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Information	Details
Geography	Global
Countries
Sentiment	positive
Relevance Score	8
People	Yann Allemann, Henrik Zeberg, Jan Happel
Companies	US Dollar Index, Exchange-Traded Fund, Glassnode, Facebook, Henrik Zeberg, X, Telegram, Twitter
Currencies	Gold, Ethereum, Bitcoin, US Dollar
Securities	None