Co-founders of Glassnode Jan Happel and Yann Allemann recently indicated that Bitcoin falling to $37,000 would be a good thing. They also explained why they wouldn’t be depressed about such a huge drop in prices for the flagship cryptocurrency.

Bitcoin Falling to $37,000 Would Be a Theft

Happel and Allemann listed in X (formerly Twitter) fasting in their joint account that a Bitcoin price drop to $37,000 would be a steal. They added that they would not be “upset” about the price crash because it would give them possibility to buy more BTC at such low levels. Glassnode co-founders will not hesitate to buy the bottom because they are sure that Bitcoin will reach novel all-time record (ATH) in this market cycle.

In an earlier post, X said Bitcoin’s next rally to $70,000 would likely break through its current all-time high of $73,000, reached in March of this year. Happel and Allemann added that BTC’s parabolic rally will be fueled by a “strong altcoin current,” predicting that altcoin season can happen soon enough.

The Glassnode co-founders could see their dream of Bitcoin dropping to $37,000 before reaching a novel ATH come true, as cryptocurrency Zoran Kole recently predicted an imminent price crash for the flagship cryptocurrency. Kole mentioned in X’s post that he believes the low $40,000 range is next in line for Bitcoin.

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

Kole revealed that a breakout of the weekly bearish market structure could invalidate this trade setup. This means Bitcoin needs to rise above $65,000 to confirm a bullish change. Cryptocurrency Analyst Jelle Also suggested The $65,000 level is the level that Bitcoin needs to break through to enjoy a parabolic rally to a novel ATH.

BTC breakout to occur in “next few weeks”

Rekt Capital Cryptocurrency Analyst presented a more positive outlook for Bitcoin, stating that history suggests BTC Breakout could happen in the next few weeks. He also revealed that Bitcoin is close to regaining its reaccumulation range and resynchronizing with post-halving price trends. This could lead to a parabolic uptrend, which the analyst previously mentioned as the next stage halving cycle.

In another post, X Rekt Capital pointed out that it is significant for Bitcoin to close this month above quarterly level $58,800He stated that a close above this price level would fully confirm that Bitcoin has successfully tested this price range as support.

At the time of writing, Bitcoin is trading at around $58,400, down more than 2% in the past 24 hours, according to data data from CoinMarketCap.

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