The cryptocurrency market has been experiencing fluctuations, with Bitcoin's price dropping below $60,000 again. However, a prominent market figure has made a significant prediction, suggesting a potential rise to $85,200 before summer. According to Glassnode's founding partners, Bitcoin might break out from a bullish flag formation, leading to a surge in price.

Currently, Bitcoin is trading at $61,208, with a market capitalization of $1.2 trillion and a 24-hour trading volume of $25 billion. Despite the recent drop, the cryptocurrency has rebounded from bear market territory, influenced by a weakening dollar. However, the downtrend continues, with a high-risk signal and ongoing liquidation of long positions cooling the markets.

Crypto analyst Benjamin Cowen has also shared his insights, stating that Bitcoin is currently mirroring the traditional stock market, particularly the Russell 2000 Index, NASDAQ, and S&P 500. He believes that Bitcoin's rally might be short-lived, as it follows the pattern of these major stock indices, which have risen to their 50-day simple moving averages (SMA). If Bitcoin follows suit, it could experience a similar price movement.