Glassnode founders Jan Happel and Yann Allemann, who share the Negentropic handle on the social media platform X, on Monday, said that Bitcoin BTC/USD is eyeing an initial surge to $57,000 as it sets its trajectory towards new all-time high levels.

What Happened: Glassnode co-founders on X said, "BTC now seems to finally break out from the range it has been in since Feb. 15. Momentum is moving up strongly. All sails are set. Next level is 57-58 – before ATH.”

On Nov. 8, 2021, Bitcoin achieved its highest all-time price, soaring to $69,000.

Happel and Allemann on Sunday noted the significance of the Ethereum ETH/USD versus Bitcoin (ETH/BTC) ratio. They suggest that the upswing of this ratio after a prolonged period of stabilization may indicate a favorable outlook for alternative cryptocurrencies (altcoins). Their commentary included, “Altcoins will soar. All points to a blow-off top as suggested by Henrik Zeberg.”

The rise in BTC price comes due to several factors, such as consistent inflows into spot Bitcoin Exchange-Traded Funds (ETFs), the supply halving, and a generally buoyant attitude amongst investors, both retail and institutional.

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

Why It Matters: The rally in BTC price also comes as Bitcoin futures, as reported by Coinglass, has seen a surge of 102% since mid-October, now standing at $23.43 billion.

This number is inching closer to the record $24 billion set in November 2021, when BTC was trading at an all-time high of over $69,000.

Meanwhile, MicroStrategy, a corporate investor in Bitcoin, also saw a substantial increase in its holdings’ value. Following the addition of 3,000 BTC, the company’s total haul of 193,000 BTC ballooned from $10.28 billion to $10.9 billion.

Price Action: At the time of writing, BTC was trading at $56,532, up 10% in the last 24 hours, according to data from Benzinga Pro.

Photo Courtesy: Shutterstock.com

Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?