The founders of crypto analytics platform Glassnode say that Bitcoin (BTC) may reach $85,200 before summer if a technical setup plays out.
In a new thread, the co-founders of Glassnode , who go by the handle Negentropic on the social media platform X, tell their 62,800 followers that the crypto king appears to be breaking out of a bullish pennant pattern.
[adinserter block="1"]“BTC [is] currently in process of breaking [the] trendline of Pennant and the 50 Daily SMA (simple moving average). When the level [of] $65,000-$66,000 is broken, BTC will move on to first $73,500, then $76,500, and chances are that we see $85,200 before the Summer.”
Negentropic goes on to note that the top crypto asset by market cap had a bearish weekend marked by liquidations of long positions. The Glassnode co-founders say that if BTC continues to consolidate, it could shoot past the $65,000 resistance level to $70,000.
“BTC has recovered – but bearish sentiment persists. BTC rebounded from bear market territory over the weekend amidst a weaker dollar.
Yet, bearish sentiment persists with a high-risk signal. Liquidations of long positions cooled the perpetual markets. If consolidation continues, a breakthrough of $65,000 resistance could revive momentum to $70,000.”
However, over the weekend, crypto analyst Benjamin Cowen said that he believes BTC’s rally may be short-lived as it is currently acting as a more volatile version of the stock market.
According to Cowen, BTC may be following in the footsteps of the Russell 2000 Index, NASDAQ and S&P 500. Cowen says the three major stock indexes rose to around their 50-day simple moving average (SMA) before correcting – a pattern he says BTC could follow.
Bitcoin is trading for $62,289 at time of writing, a 2.22% decrease during the last 24 hours.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Jorm S
