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. Access COINTURK FINANCE to get the latest financial and business news.
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.