The market trend for Bitcoin remains strong amidst ongoing jitters, according to the founders of Glassnode, a crypto analytics firm. They emphasized in a tweet that Bitcoin’s consolidation phase does not indicate the end of the bull market, pointing to a “Cup & Handle” pattern observed in the Nasdaq as a bullish indicator. This pattern suggests a target level of around 21,700, indicating that the bull market is still intact and future prices are likely to increase once the consolidation phase ends.
The founders also noted that the current market sentiment seems to be influenced by “half-way jitters”. They reassured followers that their long-term target for Bitcoin remains unchanged at around $110,000 before the bull market peaks, viewing the current consolidation as a necessary retest of previous all-time high levels. Key price points at $64,000 and $70,000 need to be surpassed for the continuation of the bull trend.
Despite sustained bearish pressure on Bitcoin, with the price dropping below $54,000 on June 5, the founders emphasized the need for Bitcoin to surpass key levels to confirm the bull trend. Analysts from CryptoQuant noted that long-term Bitcoin holders have realized significant profits leading to the recent price drop. Following these events, some analysts caution that Bitcoin’s price may experience further declines before stabilizing, with a key demand level at around $47,000.
Ali Martinez, a prominent analyst, highlighted the lack of significant support for Bitcoin and believes it must close and hold above $61,000 for the bull run to resume. Experts from 10x Research warned that Bitcoin’s decline may not stop at $57,000, potentially pushing the price to $50,000 due to weakened buying pressure and increased selling orders. At the time of press, Bitcoin was trading at $55,335, recovering slightly from a morning flash drop.
