After an incredible rise in March, the decline in cryptocurrencies continued last week. BTC’s price fell below $60,000 once again, though it briefly recovered before falling again. Meanwhile, a prominent market figure made a significant prediction about Bitcoin, creating optimism in the market.
Famous Team’s Commentary on Bitcoin
Founders of the well-known cryptocurrency analysis platform Glassnode stated that Bitcoin (BTC) could reach $85,200 before summer if a technical development occurs.
On the social media platform X, under the name Negentropic, Glassnode’s founding partners highlighted that Bitcoin might be preparing to break out from a bullish flag formation.
BTC is currently in the process of breaking the Flag trend line and the 50-Day SMA (simple moving average). Once the $65,000-$66,000 levels are breached, BTC will likely rise to $73,500, then to $76,500, and possibly reach $85,200 before summer.
Negentropic noted that the highest market value crypto asset had a bearish weekend marked by the liquidation of long positions. Glassnode’s founding partners say that if BTC continues to consolidate, it could break the $65,000 resistance level and rise to $70,000.
BTC has recovered – but the downtrend continues. BTC rebounded from bear market territory over the weekend, influenced by a weakening dollar.
However, the downtrend continues with a high-risk signal. The ongoing liquidation of long positions has cooled the markets. If consolidation continues, breaking the $65,000 resistance could revive momentum towards $70,000.
Benjamin Cowen’s View on Bitcoin
On the other hand, over the weekend, crypto analyst Benjamin Cowen made an important statement. According to Cowen, BTC is currently acting as a different variation of the traditional stock market. He believes its rally could be short-lived as a result.
According to Cowen, BTC is moving in parallel with the Russell 2000 Index, NASDAQ, and S&P 500. Cowen says these three major stock indices have risen to their 50-day simple moving averages (SMA) – BTC could follow this pattern as well.
Bitcoin has fallen 1.95% in the last 24 hours to $61,208. The market cap is at $1.2 trillion, with a 24-hour trading volume of $25 billion.
