Cryptocurrency prices continued to decline last week after a remarkable surge in March. The price of BTC dropped below $60,000 once again, with a brief recovery before another fall. However, a well-known market figure’s prediction about Bitcoin sparked optimism in the market.
Commentary from a Renowned Team on Bitcoin
The founders of Glassnode, a widely recognized cryptocurrency analysis platform, made a noteworthy statement suggesting that Bitcoin (BTC) could potentially reach $85,200 by summer if certain technical developments take place. Negentropic, the username used by Glassnode’s founding partners on the social media platform X, emphasized that Bitcoin might be on the verge of breaking out from a bullish flag formation.
The team at Glassnode acknowledged that the top cryptocurrency had experienced a bearish weekend characterized by the liquidation of long positions. However, they mentioned that if BTC continues to consolidate, it has the potential to surpass the $65,000 resistance level and rise to $70,000.
Benjamin Cowen’s Perspective on Bitcoin
In contrast, crypto analyst Benjamin Cowen made an important observation over the weekend. He stated that BTC is currently behaving like a unique variation of the traditional stock market, suggesting that its rally may be short-lived as a result.
Cowen pointed out that BTC’s movements are closely aligned with those of the Russell 2000 Index, NASDAQ, and S&P 500. These three major stock indices have recently risen to their 50-day simple moving averages (SMA), and Cowen believes BTC could potentially follow this pattern as well.
As of the last 24 hours, Bitcoin has experienced a 1.95% decline, bringing its price to $61,208. Its market cap stands at $1.2 trillion, with a 24-hour trading volume of $25 billion.
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Disclaimer: The information provided in this article is not intended as investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry inherent risks, and they should conduct their own research.