Glassnode Founders Say Bitcoin Crash To $37,000 Wouldn’t Be A Bad Thing, Here’s Why

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As a seasoned crypto investor with a knack for spotting trends and patterns, I find the recent analysis by Glassnode co-founders Jan Happel and Yann Allemann quite intriguing. Their confidence in Bitcoin reaching a new all-time high even after a potential crash to $37,000 resonates with my own beliefs.

According to Glassnode co-founders Jan Happel and Yann Allemann, a drop in Bitcoin‘s price down to $37,000 could actually be beneficial. They further elaborated on why they wouldn’t find such a significant price decrease for the leading cryptocurrency to be upsetting.

Bitcoin Dropping To $37,000 Would Be A Steal

Happel and Allemann expressed on their joint account, previously Twitter, that a drop in Bitcoin price to $37,000 would represent an excellent deal. They stated they wouldn’t be upset about the price fall since it would provide them with a chance to purchase more BTC at such low costs. Being optimistic about Bitcoin reaching a fresh all-time high (ATH) in this market cycle, the Glassnode co-founders are ready to seize the opportunity presented by the dip.

Previously in a post on X, it was mentioned that Bitcoin is expected to reach $70,000 again, surpassing its current all-time high (ATH) of $73,000, which it achieved in March this year. Happel and Allemann also suggested that Bitcoin’s price surge will be fueled by a robust wave of altcoins, implying that the ‘altcoin season’ could arrive soon.

According to recent predictions by crypto analyst Zoran Kole, the co-founders of Glassnode might see their desired drop in Bitcoin’s price to around $37,000 before it reaches a new all-time high (ATH). Kole believes that the low $40,000 range is imminent for Bitcoin, as he stated in a recent post.

The analyst emphasized a distinct Head-and-Shoulders formation emerging on Bitcoin’s graph, suggesting a potential drop to approximately $36,000. He also mentioned that this downtrend aligns with an annual opening test and presents a strong argument for a rebound just beneath the current yearly low of $38,500.

Kole mentioned that if Bitcoin manages to surpass $65,000, it could indicate a reversal from the bearish market trend, which would invalidate the current trade setup. Crypto analyst Jelle concurs, stating that breaking above $65,000 is crucial for Bitcoin to initiate a dramatic surge towards a new all-time high (ATH).

BTC Breakout To Happen In Next “Few Weeks”

As a crypto investor, I’m excited about the optimistic perspective on Bitcoin that Rekt Capital has shared. He believes that based on historical patterns, a significant breakout for BTC might occur within the coming weeks. Moreover, he hinted that Bitcoin is on the verge of reasserting its reaccumulation phase and aligning with post-halving price trajectories once more. This realignment could pave the way for the parabolic surge, which the analyst had earlier indicated is the next phase in the halving cycle.

In a previous article, Rekt Capital emphasized the significance of Bitcoin ending the current month with a closing price above $58,800. According to him, such a close would validate Bitcoin’s successful test of that price range as a reliable support level.

Currently, as I’m typing this, the price of Bitcoin is approximately $58,400. However, within the past 24 hours, it has dropped by more than 2%. These figures are based on information provided by CoinMarketCap.

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2024-09-16 15:04