Cryptocurrency prices experienced another decline last week, following a remarkable surge in March. Bitcoin (BTC) dropped below $60,000 once again, although it briefly recovered before falling once more. However, there was a glimmer of hope in the market as a well-known figure made a significant prediction about Bitcoin’s future.
The founders of Glassnode, a renowned cryptocurrency analysis platform, stated that Bitcoin could potentially reach $85,200 before summer, but only if a specific technical development occurs. On the social media platform X, Glassnode’s founding partners, using the pseudonym Negentropic, pointed out that Bitcoin might be on the verge of breaking out from a bullish flag formation.
While Bitcoin experienced a bearish weekend characterized by the liquidation of long positions, Glassnode’s founding partners believe that if BTC continues to consolidate, it has the potential to break the $65,000 resistance level and rise to $70,000.
Meanwhile, crypto analyst Benjamin Cowen expressed a different view over the weekend. Cowen argued that Bitcoin is currently behaving like a distinct variation of the traditional stock market and cautioned that its rally might be short-lived as a result.
According to Cowen, BTC is moving in tandem with the Russell 2000 Index, NASDAQ, and S&P 500. He noted that these three major stock indices have risen to their 50-day simple moving averages (SMA), and he believes that Bitcoin could follow this same pattern.
In the past 24 hours, Bitcoin has experienced a 1.95% decrease in value, with its price falling to $61,208. The market capitalization stands at $1.2 trillion, and the 24-hour trading volume is $25 billion.
It is important to note that the information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and should conduct their own research before making any investment decisions.
