The co-founders of Glassnode, a crypto analytics platform, are optimistic about the future of Bitcoin (BTC). In a recent social media post, they state that if a technical setup plays out, the price of Bitcoin could reach $85,200 before summer.

According to the co-founders, Bitcoin is currently breaking out of a bullish pennant pattern. They believe that once the price breaks the $65,000-$66,000 level, it will move towards $73,500, then $76,500, and potentially reach $85,200 before summer.

However, the co-founders also note that Bitcoin had a bearish weekend, with liquidations of long positions. Despite the recovery of Bitcoin from bear market territory, bearish sentiment still persists. The co-founders suggest that if consolidation continues, a breakthrough of the $65,000 resistance level could revive momentum and push the price towards $70,000.

On the other hand, crypto analyst Benjamin Cowen has a different perspective. He believes that Bitcoin’s rally may be short-lived, comparing it to the stock market. He points out that Bitcoin may follow a similar pattern to the Russell 2000 Index, NASDAQ, and S&P 500, which rose to their 50-day simple moving average before correcting.

At the time of writing, Bitcoin is trading at $62,289, representing a 2.22% decrease in the last 24 hours.

Please note that the opinions expressed in this article are not investment advice. Investors should conduct their own research before making any high-risk investments in Bitcoin or other cryptocurrencies.