- Bitcoin (BTC) may reach $85,200 before summer, according to the founders of crypto analytics platform Glassnode.
- The prediction is based on a technical setup indicating a bullish pennant pattern.
- However, crypto analyst Benjamin Cowen suggests BTC’s rally may be short-lived, acting as a more volatile version of the stock market.
Bitcoin (BTC) could hit $85,200 before summer, says crypto analytics platform Glassnode, despite some analysts predicting a short-lived rally.
Bitcoin’s Potential Bullish Breakout
Co-founders of Glassnode, known as Negentropic on social media, recently shared their analysis with their 62,800 followers. They suggest that Bitcoin appears to be breaking out of a bullish pennant pattern. They further predict that once the $65,000-$66,000 level is broken, BTC could first reach $73,500, then $76,500, and possibly even $85,200 before summer.
Contrasting Views on BTC’s Rally
Despite the bullish outlook from Glassnode, not all analysts share the same sentiment. Over the weekend, crypto analyst Benjamin Cowen suggested that BTC’s rally may be short-lived. He believes BTC is currently acting as a more volatile version of the stock market, possibly following in the footsteps of the Russell 2000 Index, NASDAQ, and S&P 500. These major stock indexes rose to around their 50-day simple moving average (SMA) before correcting – a pattern Cowen says BTC could follow.
Current Market Conditions
At the time of writing, Bitcoin is trading for $62,289, representing a 2.22% decrease over the last 24 hours. Despite this, Glassnode’s co-founders maintain that if BTC continues to consolidate, it could break past the $65,000 resistance level to $70,000. However, they also acknowledge that bearish sentiment persists, with a high-risk signal indicated by the recent liquidation of long positions.
Conclusion
In conclusion, while Glassnode’s co-founders predict a bullish breakout for Bitcoin, other analysts like Benjamin Cowen suggest a potential short-lived rally. As always, investors are advised to do their due diligence before making any high-risk investments in Bitcoin or other cryptocurrencies.
