Cryptocurrencies experienced a continued decline last week after a remarkable surge in March. The price of BTC once again dropped below $60,000, with a brief recovery before another fall. However, amidst this market volatility, a prominent figure in the industry made a significant prediction about Bitcoin that brought optimism to the market.
The founders of the renowned cryptocurrency analysis platform, Glassnode, offered their commentary on Bitcoin. They stated that if a technical development occurs, BTC could potentially reach $85,200 before the summer. Taking to the social media platform X under the name Negentropic, the founding partners of Glassnode highlighted that Bitcoin may be on the verge of breaking out from a bullish flag formation.
Negentropic pointed out that the leading cryptocurrency experienced a bearish weekend characterized by the liquidation of long positions. The founding partners of Glassnode believe that if BTC continues to consolidate, it has the potential to surpass the $65,000 resistance level and soar to $70,000.
On the other hand, crypto analyst Benjamin Cowen shared his view on Bitcoin over the weekend. Cowen believes that BTC is currently behaving like a variation of the traditional stock market, suggesting that its rally may be short-lived. He draws parallels between Bitcoin and the Russell 2000 Index, NASDAQ, and S&P 500, stating that these major stock indices have risen to their 50-day simple moving averages (SMA), and Bitcoin could potentially follow suit.
In the past 24 hours, Bitcoin has experienced a 1.95% decline, bringing its price to $61,208. The market cap currently stands at $1.2 trillion, with a 24-hour trading volume of $25 billion.
As always, it is important to note that the information presented in this article does not constitute investment advice. Investors should be mindful of the high volatility and associated risks of cryptocurrencies and conduct their own research before making any investment decisions.
