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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/recent-trends-and-predictions-in-bitcoin-market/" data-wpel-link="internal">Recent Trends and Predictions in Bitcoin Market</a><br></p>
<p style="text-align: justify">After an incredible rise in March, the decline in cryptocurrencies continued last week. BTC’s price fell below $60,000 once again, though it briefly recovered before falling again. Meanwhile, a prominent <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">market</a> figure made a significant prediction about Bitcoin, creating optimism in the market.</p> 
<h2 style="text-align: justify" id="famous-team-s-commentary-on-bitcoin">Famous Team’s Commentary on Bitcoin</h2> 
<p style="text-align: justify">Founders of the well-known cryptocurrency analysis platform Glassnode stated that Bitcoin (BTC) could reach $85,200 before summer if a technical development occurs.</p> 
<p style="text-align: justify">On the social media platform X, under the name Negentropic, Glassnode’s founding partners highlighted that Bitcoin might be preparing to break out from a bullish flag formation.</p> 
<blockquote> 
 <p>BTC is currently in the process of breaking the Flag trend line and the 50-Day SMA (simple moving average). Once the $65,000-$66,000 levels are breached, BTC will likely rise to $73,500, then to $76,500, and possibly reach $85,200 before summer.</p> 
</blockquote> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-349313" src="https://coin-turk.com/wp-content/uploads/2024/05/bitcoin-1-coin-turk-com.png" alt="" width="1147" height="522"></p> 
<p style="text-align: justify">Negentropic noted that the highest market value crypto asset had a bearish weekend marked by the liquidation of long positions. Glassnode’s founding partners say that if BTC continues to consolidate, it could break the $65,000 resistance level and rise to $70,000.</p> 
<blockquote> 
 <p>BTC has recovered – but the downtrend continues. BTC rebounded from bear market territory over the weekend, influenced by a weakening dollar.</p> 
 <p>However, the downtrend continues with a high-risk signal. The ongoing liquidation of long positions has cooled the <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">markets</a>. If consolidation continues, breaking the $65,000 resistance could revive momentum towards $70,000.</p> 
</blockquote> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-349314" src="https://coin-turk.com/wp-content/uploads/2024/05/bitcoin-2-coin-turk-com.png" alt="" width="1152" height="367"></p> 
<h2 style="text-align: justify" id="benjamin-cowen-s-view-on-bitcoin">Benjamin Cowen’s View on Bitcoin</h2> 
<p style="text-align: justify">On the other hand, over the weekend, <a href="https://en.coin-turk.com/insights-on-cryptocurrency-market-trends-and-predictions/" data-wpel-link="internal">crypto analyst</a> Benjamin Cowen made an important statement. According to Cowen, BTC is currently acting as a different variation of the traditional <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">stock market</a>. He believes its rally could be short-lived as a result.</p> 
<p style="text-align: justify">According to Cowen, BTC is moving in parallel with the Russell 2000 Index, NASDAQ, and S&amp;P 500. Cowen says these three major stock indices have risen to their 50-day simple moving averages (SMA) – BTC could follow this pattern as well.</p> 
<p style="text-align: justify">Bitcoin has fallen 1.95% in the last 24 hours to $61,208. The market cap is at $1.2 trillion, with a 24-hour trading volume of $25 billion.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/recent-trends-and-predictions-in-bitcoin-market/" data-wpel-link="internal">Recent Trends and Predictions in Bitcoin Market</a></h5>

Recent Trends and Predictions in Bitcoin Market

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