The founders of crypto analytics platform Glassnode say Bitcoin (BTC) could reach $85,200 before summer if a technical setup works.
In a new thread, the co-founders of Glassnode, who use Negentropic on the social media platform narrate their 62,800 followers that the crypto king appears to be breaking out of a bullish pennant pattern.
“BTC [is] currently breaking [the] Pennant trendline and the 50 Daily SMA (simple moving average). When the level [of] The $65,000-$66,000 has been broken, BTC will move to first $73,500, then $76,500, and there is a good chance we will see $85,200 before summer.”
Negentropic continues remark that the major cryptocurrencies, as measured by market capitalization, had a bearish weekend marked by liquidations of long positions. 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 remains. BTC rebounded from bear market territory this weekend, amid a weaker dollar.
Still, bearish sentiment remains, with a high-risk signal. Liquidations of long positions cooled perpetual markets. If consolidation continues, a break of the USD 65,000 resistance could revive momentum towards USD 70,000.”
However, over the weekend, crypto analyst Benjamin Cowen said he believes BTC’s rally could be short-lived as it currently acts 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 believes BTC is. could follow.
Bitcoin is trading at $62,289 at the time of writing, down 2.22% over the past 24 hours.
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Featured image: Shutterstock/Jorm S