The creators of Glassnode, a platform for analyzing cryptocurrencies, predict that the price of Bitcoin (BTC) could reach $85,200 before the summer if a specific technical pattern plays out. In a recent discussion on social media, the co-founders, who use the handle Negentropic, inform their 62,800 followers that Bitcoin seems to be breaking out of a bullish pennant pattern. They believe that once the price surpasses the $65,000-$66,000 level, it will likely climb to $73,500, then $76,500, with a possibility of reaching $85,200 before summer arrives.
Negentropic also notes that Bitcoin experienced a bearish weekend, marked by the liquidation of long positions. Despite the recovery, bearish sentiment still persists, and there is a high-risk signal. If Bitcoin continues to consolidate, it could break through the $65,000 resistance level and potentially reach $70,000, fueled by revived momentum.
On the other hand, crypto analyst Benjamin Cowen believes that Bitcoin’s rally may be short-lived, as it is currently exhibiting more volatility, similar to the stock market. Cowen suggests that Bitcoin might be following the pattern of the Russell 2000 Index, NASDAQ, and S&P 500, which rose to their 50-day simple moving averages before correcting. Cowen speculates that Bitcoin could follow a similar pattern.
At the time of writing, Bitcoin is trading at $62,289, reflecting a 2.22% decrease in the last 24 hours.
