The founders of crypto analysis platform Glassnode predict that Bitcoin (BTC) will rise even higher soon after rising 7% last week.
In a new thread, the co-founders of Glassnode, who go by the handle Negentropic on social media platform X, say: tell me Their 62,900 followers claim that key indicators suggest Bitcoin is poised for a major breakout.
Analysts say Bitcoin appears to be forming a bullish pennant pattern. They also suggest that Bitcoin is correcting to the Fibonacci retracement level in the low $60,000s, which often predicts a continuation of the uptrend.
“It looks like BTC is still going up! Last week’s candle was a reversal candle, a hammer with a long wick. Price has returned to a pennant structure. This candle still dominates this structure. So this week's pullback looks like a healthy correction before a further rally. In many cases, a correction is a 50% or 61.8% pullback of the previous impulse move.”
Analysts are looking at the charts and suggesting that Bitcoin is undergoing or about to complete a three-wave ABC correction. Elliott wave theory states that a bullish asset will often rise again after his ABC correction of three wave impulses.
Analysts believe Bitcoin could break through the $85,000 level before the start of summer, which officially begins on June 20th.
“BTC is currently on the verge of breaking out of the pennant trendline and 50-day SMA (simple moving average). Upon breaking the $65,000-$66,000 level, BTC will move first to $73,500 and then to $76,500. and could reach $85,200 by summer.
At the time of writing, Bitcoin was trading at $62,016, declining slightly over the past 24 hours.
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