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bitcoin%20(btc)%20has%20been%20making,optimism%20about%20the%20cryptocurrency’s%20future.” rel=”nofollow”>Co-founders of Glassnode Jan Happel and Yann Allemann recently indicated that a drop in the price of bitcoin to $37,000 would be a positive thing. They also explained why they would not be saddened by such a drop. bitcoin-active-addresses-crash-july-2021-lows-means/#:~:text=The%20July%202021%20slump%20came,run%20saw%20a%20second%20wave.” rel=”nofollow”>massive drop in prices for the flagship cryptocurrency.
bitcoin price drop to $37,000 would be a bargain
Happel and Allemann mentioned in an x (formerly twitter) x.com/Negentropic_/status/1834869669645164704″ rel=”nofollow”>mail On their shared account, they said that a bitcoin price drop to $37,000 would be a bargain. They added that they won't be “angry” about the price drop because it would give them a chance. bitcoin–crypto-analyst-says-this-is-the-level-to-watch/” rel=”nofollow”>Opportunity to buy more btc at such low levels. Glassnode co-founders will not hesitate to buy on the dip as they are confident that bitcoin will reach a bitcoin-breaks-through-69000-setting-new-record/” rel=”nofollow”>new all-time high (ATH) in this market cycle.
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In a previous post by x, they claimed that bitcoin's next surge to $70,000 will likely see it surpass its current ATH of $73,000, reached in March earlier this year. Happel and Allemann added that btc's parabolic rally would be driven by a “strong altcoin undercurrent,” predicting that ethereum-breakout/” rel=”nofollow”>altcoin season It could happen quite soon.
Glassnode co-founders might get their wish for bitcoin to drop to $37,000 before hitting a new ATH, as crypto expert Zoran Kole recently predicted an imminent price drop for the flagship cryptocurrency. Kole mentioned in an x post that he believes the low $40,000 range is next for bitcoin.
The analyst also highlighted a “very clear” situation bitcoin-price-to-reach-112000/” rel=”nofollow”>Head and Shoulders Pattern bitcoin's chart shows that the flagship cryptocurrency could fall to $36,000. He added that this bearish pattern “coincides with a yearly open retest with a strong argument for a bounce just below the current yearly low of $38,500.”
Kole revealed that breaking the market’s weekly bearish structure could invalidate this trading setup. That means bitcoin needs to break above $65,000 to confirm a bullish reversal. bitcoin-analyst-expects-100000-by-december-details/” rel=”nofollow”>Cryptocurrency Analyst Jelle also x.com/CryptoJelleNL/status/1835313890533478586″ rel=”nofollow”>suggested That $65,000 is the level bitcoin needs to surpass to enjoy a parabolic rally towards a new ATH.
btc price breakout will happen in the next “weeks”
bitcoin-cycle-might-be-shorter-than-usual/” rel=”nofollow”>Cryptocurrency analyst Rekt Capital has offered a more optimistic outlook for bitcoin, stating that history suggests that bitcoin-rally-expected-once-price-breaks-69500-fomo-likely/” rel=”nofollow”>btc Breakout It could happen in the coming weeks. He also revealed that bitcoin is close to regaining the reaccumulation range and resynchronizing with the post-halving price trends. This could lead to the parabolic uptrend, which the analyst had previously mentioned as the next leg of the bitcoin-halving-2024-complete-what-expect/” rel=”nofollow”>halving cycle.
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In another x post, Rekt Capital indicated that it was important for bitcoin to close this month above the bitcoin-price-crashed-58000/” rel=”nofollow”>quarterly level at $58,800He stated that a close above this price level would fully confirm bitcoin's successful retest of this price range as support.
At the time of writing, bitcoin is trading around $58,400, down more than 2% in the past 24 hours, according to bitcoin/” rel=”nofollow”>data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
