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Bitcoin Dropping To $37,000 Would Be A Steal
Glassnode co-founders Jan Happel and Yann Allemann recently expressed that a Bitcoin price drop to $37,000 would present a significant buying opportunity. In a post on their shared X (formerly Twitter) account, they highlighted that such a price decline would not be met with dismay, but rather seen as a chance to accumulate more BTC at a lower price. They remain optimistic, believing Bitcoin will reach a new all-time high (ATH) in the current market cycle.
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In a previous post, Happel and Allemann projected that Bitcoin’s next surge towards $70,000 could surpass its current ATH of $73,000, achieved in March earlier this year. They noted that this parabolic rally would likely be fueled by a robust altcoin market, suggesting an imminent altcoin season.
The co-founders might see their predictions come true, as crypto analyst Zoran Kole has also forecasted a near-term price drop for Bitcoin. Kole mentioned in an X post that he anticipates Bitcoin to hover around the low $40,000 range soon. He pointed out a clear Head-and-Shoulders pattern forming on Bitcoin’s chart, indicating a potential drop to around $36,000. This bearish pattern aligns with a yearly open retest and suggests a bounce just below the current yearly low of $38,500.
Kole added that a break above $65,000 is essential to invalidate this bearish setup and confirm a bullish reversal. Another crypto analyst, Jelle, concurred, noting that Bitcoin needs to surpass $65,000 to initiate a parabolic rally towards a new ATH.
BTC Breakout To Happen In Next “Few Weeks”
Crypto analyst Rekt Capital has offered a more optimistic outlook for Bitcoin, suggesting that historical trends indicate a possible breakout in the coming weeks. He mentioned that Bitcoin is nearing the reaccumulation range and aligning with post-halving price tendencies, which could initiate the anticipated parabolic uptrend, marking the next phase of the halving cycle.
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In another post, Rekt Capital emphasized the importance of Bitcoin closing the month above the quarterly level of $58,800. He argued that achieving this would confirm a successful retest of this price range as support, setting the stage for further upward movement.
As of the current writing, Bitcoin is trading at approximately $58,400, reflecting a drop of over 2% in the past 24 hours, according to CoinMarketCap data.
Conclusion
While the short-term outlook for Bitcoin might appear bearish with predictions of a drop to $37,000, experts like Jan Happel and Yann Allemann view this potential decline as a strategic buying opportunity. With analysts predicting a robust altcoin season and potential for a new ATH, the crypto market remains dynamic and full of possibilities. Investors and enthusiasts alike will be watching closely to see how these predictions unfold in the near future.
