Glassnode founders say a Bitcoin crash to $37,000 wouldn't be a bad thing – here's why

Glassnode co-founder Jan Happel and Yann Allemann recently suggested that a Bitcoin crash to $37,000 would be a good thing. They also explained why they would not be sad about such a crash. massive price drop for the flagship cryptocurrency.

A Bitcoin drop to $37,000 would be a bargain

Happel and Allemann mentioned in an X (formerly Twitter) post on their joint account that a Bitcoin price drop to $37,000 would be a bargain. They added that they will not be “crazy” about the price crash because it gives them a Opportunity to buy more BTC at such low levels. The Glassnode co-founders will not hesitate to buy the dip as they are confident that Bitcoin will new all-time high (ATH) in this market cycle.

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In a previous X post, they stated that Bitcoin's next rise to $70,000 will likely see it break its current all-time high of $73,000, reached in March this year. Happel and Allemann added that BTC's parabolic rally would be driven by a “strong altcoin undercurrent,” and predicted that the Altcoin season could happen soon.

The Glassnode co-founders may get their wish that Bitcoin falls to $37,000 before it hits a new all-time high, as crypto expert Zoran Kole recently predicted an impending price crash for the flagship cryptocurrency. Kole mentioned in an X-post that he believes the low $40,000 range is next for Bitcoin.

The analyst also emphasized a “very clear” Head and shoulders pattern Development on the Bitcoin chart that showed the flagship cryptocurrency could fall to as low as $36,000. He added that this bearish pattern “coincides with a retest of the yearly open, providing a strong case for a bounce just below the current yearly low of $38,500.”

Kole explained that a break of the weekly bearish market structure could invalidate this trading setup. This means that Bitcoin must rise above $65,000 to confirm a bullish trend reversal. Crypto analyst Jelle Also recommended that $65,000 is the mark that Bitcoin needs to break through to experience a parabolic rally to a new all-time high.

BTC breakout expected to occur in the next “few weeks”

Crypto analyst Rekt Capital has offered a more optimistic outlook for Bitcoin, stating that history suggests that BTC breakout could happen in the next few weeks. He also revealed that Bitcoin is close to reclaiming the reaccumulation area and re-synchronizing with post-halving price trends. This could lead to the parabolic uptrend that the analyst previously described as the next phase of the Halving cycle.

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In another X-post, Rekt Capital pointed out that it is important for Bitcoin to stay above the Quarterly level at USD 58,800He explained that a close above this price level would fully confirm Bitcoin’s successful retest of this price area as support.

At the time of writing, Bitcoin is trading at around $58,400, down over 2% in the last 24 hours. Data by CoinMarketCap.

Featured image created with Dall.E, chart from Tradingview.com