Glassnode founders Jan Happel and Yann Allemann, who share the Negentropic handle on the social media platform X, on Monday, said that Bitcoin (CRYPTO: BTC) 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 (CRYPTO: ETH) 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.