Bitcoin may rise to $ 37,000 in the near future

Jan Allemann, co-founder of Glassnode, has released his own forecast of the flagship cryptocurrency’s value. The analyst suggested that in the coming months, bitcoin will return to the spotlight and «reassert its dominance».

Allemann believes that bitcoin will reach $ 37,000 before starting an upward movement during the fall season. This anticipated surge in value is consistent with patterns seen in previous market cycles, when BTC experienced significant price rallies in the second half of the year.

According to CoinGlass, August and September have historically been challenging for bitcoin, making them «notorious» months for cryptocurrency performance.

August turned out to be a difficult month for the market leader, as it fell by 12.9% over the past 30 days. At the time of writing, BTC is trading at $ 26,070, down 11.2% over the past week. This downward trend may continue, as historical data shows that September usually creates additional obstacles to the trajectory of the BTC price.

According to Glassnode analysts, BTC is still considered an effective means of preserving value, despite the current volatility of its exchange rate. Since its all-time high of $ 69,000 (in November 2021), bitcoin has lost 62.2% of its value. However, the flagship cryptocurrency, like gold, remains an excellent store of value. The only difference between them is that gold shows slower and more stable dynamics, while investing in BTC is more like riding a roller coaster.