The founders of analytics platform Glassnode believe Bitcoin (BTC) is gearing up for an even bigger rally.
Glassnode co-founders Jan Happel and Yann Allemann share the Negentropic handle on social media platform X. To tell Bitcoin appears to be forming a bullish pattern amid a market correction.
But analysts say the correction could last in the short term.
“The triangle thesis is getting stronger! While there is little doubt that the pattern underway in BTC is corrective, there is some question as to which pattern is occurring. Since the price trend is over, [Thursday and Friday], the potential triangle pattern is more likely. In the bigger picture, this means even more upside potential for BTC. Shorter time frames may mean further lateral consolidation. ”
Analysts use Elliott Wave Theory for technical analysis. This theory aims to predict price impulses based on crowd psychology, which tends to manifest as waves. Looking at their charts, the analysts suggest that BTC could hold within a bullish triangle pattern and make another uptrend after completing waves labeled D and E. I am.
Analysts also To tell The three major daily moving averages (DMAs) are showing signs that Bitcoin is starting to show signs of bullishness.
“The moving averages suggest a positive change creating upward momentum for BTC. Bitcoin daily chart shows a mix of bullish and bearish patterns, with high volatility and market This indicates an extended correction phase amid uncertainty. The market remains within these parameters, with support at $59,313 and resistance at $73,794.
Importantly, the 50-day, 100-day, and 200-day moving averages are currently hinting at positive changes, providing fundamental support and the potential for upward momentum. This new pattern suggests a cautiously optimistic outlook for Bitcoin, highlighting the potential for a gradual recovery and growth. ”
At the time of writing, Bitcoin was trading at $68,050, having risen slightly over the past 24 hours.
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