The founders of on-chain analytics platform Glassnode say Bitcoin could reach $85,200 before the summer if a technical pattern plays out as they expect. According to the founders of Glassnode, Bitcoin is on the verge of a… bullish pennant pattern to break.
A pennant means a vane in Dutch, which we also clearly see in the graph below.
Bitcoin price of $65-66,000 is important
To achieve the price targets of Glassnode’s founders, the Bitcoin price must first break the level of 65,000 to 66,000 dollars. If they succeed, they will first see Bitcoin rise to the level of $ 73,500 and then climb to the price of $ 76,500.
“Then there is a chance that we will see a Bitcoin price of $85,200 before the summer,” say the founders of Glassnode.
They then admit that Bitcoin has had a bearish weekend, marked by liquidations of many long positions. If Bitcoin continues to consolidate, they see an opportunity for the digital currency to shoot past the resistance at $65,000 to the $70,000 level.
“Bitcoin has recovered, but bearish sentiment remains. BTC rebounded from bear market territory over the weekend thanks to a weak US dollar.
Not everyone has confidence
Although the founders of Glassnode are confident about the future of Bitcoin, not everyone shares that opinion. For example, popular analyst Benjamin Cowen is currently less optimistic about the short-term prospects of the Bitcoin price.
He claims that Bitcoin trades more like a kind of volatile version of the stock market.
According to Cowen, Bitcoin could follow in the footsteps of the Russel 2000 Index, the Nasdaq and the S&P 500. They are currently under some pressure again and Cowen thinks that Bitcoin can follow suit.
At the time of writing, Bitcoin is indeed under some pressure and is trading at $61,700.
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