Bitcoin has seen a 10% decline year-to-date; however, research from Glassnode indicates it remains a robust macro hedge, raising speculation about a potential price target of $155,000. The analysis from Cryptollica suggests that Bitcoin's trajectory may mirror that of gold, which is at all-time highs. Despite Bitcoin's downturn, it shows signs of resilience, bouncing back from a low of $75,000 to current levels around $85,000. The report highlights that Bitcoin and gold are increasingly viewed as neutral reserve assets amid ongoing macroeconomic challenges. Historical data shows that Bitcoin's current dip of about 30% from its all-time highs is relatively modest compared to past events that triggered greater sell-offs. As investors continue to seek hard assets during turbulent times, the outlook for Bitcoin remains cautiously optimistic with potential bullish factors including a weakening US dollar and increased global money supply. Glassnode emphasizes that Bitcoin's ability to maintain value relative to gold reflects its growing reputation among investors during stressful economic conditions.

Source 🔗