Glassnode co-founders recently predicted that Bitcoin’s recent retracement to the $59,000 region has paved the way for a climb towards $76,000.
On Wednesday, the price of Bitcoin suffered a steep retracement after surpassing its previous all-time high above $68,000. Within a few hours, the price dropped as low as $59,000 but only met a swift V-shaped recovery that took it back well above $65,000.
Using the X handle (Negentropic), Glassnode co-founders Jan Happel and Yann Allemann have shared insights into what that swift recovery means for Bitcoin’s prospects in the short term. For newcomers, Glassnode is one of the most widely used Bitcoin analytics platforms, with its founders having unparalleled market experience.
Bitcoin Now Poised for New Highs
According to the co-founders, Bitcoin’s initial drop constituted a retest of a former consolidation triangle. Hence, the $59,000 to $62,000 region has taken on new meaning for BTC, evidently becoming a new support zone.
With such a strong support level below, Jan Happel and Yann Allemann expect Bitcoin’s rally to continue in the coming days. Precisely, they forecast a rally towards $76,000 once Bitcoin breaks above the recently set all-time high.
V-Recovery – and onwards towards new ATHs 🚀
Yesterday, #BTC took a deep dive (with rest of Crypto). This happened after BTC hit ATH.
In fact, it was a part of the ABC-CORRECTION, which retested the former CONSOLIDATION TRIANGLE.
The level around 59-62K has now gotten new… pic.twitter.com/uCWMTFcvyH
— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) March 6, 2024
At the time of writing, the leading cryptocurrency is trading at around $67,400, representing a 9% gain in the past seven days. Yet, many market participants expect prices to go much higher in the coming months.
Galaxy Digital CEO Michael Novogratz has predicted that Bitcoin will hit $100,000 before the end of the year. Similarly, popular author Robert Kiyosaki expects BTC to go as high as $300,000 and recommends that investors put at least $500 into the cryptocurrency.
These predictions rely on Bitcoin’s historical price action following its pre-scheduled halving events, which lowers the supply of block rewards issued to miners. Additionally, the newly launched spot Bitcoin ETFs in the United States have attracted significant capital to BTC, contributing immensely to the rally witnessed since the turn of the year.
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