16 September 2024
Glassnode co-founders Jan Happel and Yann Allemann recently indicated that a Bitcoin crash to $37,000 would be a good thing. They also explained why they wouldn’t be sad about such a massive price decline for the flagship crypto.
Bitcoin Dropping To $37,000 Would Be A Steal
Happel and Allemann mentioned in an X (formerly Twitter) post on their shared account that a Bitcoin price drop to $37,000 would be a steal. They added that they won’t be “mad” about the price crash because it would give them an opportunity to buy more BTC at such low levels. The Glassnode co-founders won’t hesitate to buy the dip as they are confident about Bitcoin reaching a new all-time high (ATH) in this market cycle.
In an earlier X post, they stated that Bitcoin’s next run-up to $70,000 will likely see it break 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 the altcoin season could occur soon enough.
The Glassnode co-founders could get their wish of Bitcoin dropping to $37,000 before hitting a new ATH as crypto Zoran Kole recently predicted an imminent price crash for the flagship crypto. Kole mentioned in an X post that he believes that the low $40,000 range is coming next for Bitcoin.
The analyst further highlighted a “very clear” Head-and-Shoulders pattern developing on Bitcoin’s chart, which showed that the flagship crypto could drop to as low as $36,000. He added that this bearish pattern “coincides with a yearly open retest with a strong case for a bounce right below the current yearly low of $38,500.”
Kole revealed that breaking the weekly bearish market structure could invalidate this trade setup. That means Bitcoin needs to rise above $65,000 to confirm a bullish reversal. Crypto analyst Jelle also suggested that $65,000 is the level Bitcoin needs to break above to enjoy a parabolic rally to a new ATH.
BTC Breakout To Happen In Next “Few Weeks”
Crypto analyst Rekt Capital has offered a more bullish outlook for Bitcoin, stating that history suggests the BTC breakout could happen in the next few weeks. He also revealed that Bitcoin is close to reclaiming the reaccumulation range and resynchronizing with post-halving price tendencies. This could lead to the parabolic uptrend, which the analyst had previously mentioned is the next stage of the halving cycle.
In another X post, Rekt Capital indicated that it was important for Bitcoin to close this month above the quarterly level at $58,800. He 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 at around $58,400, down over 2% in the last 24 hours, according to data from CoinMarketCap.