The co-founders of Glassnode, a crypto analytics platform, are confident that Bitcoin (BTC) will experience a significant surge in the near future, following a 7% increase in the past week. In a recent discussion on the social media platform X, the co-founders, who use the name Negentropic, informed their 62,900 followers that key indicators are pointing towards a major breakout for Bitcoin.
According to the analysts, Bitcoin is currently forming a bullish pennant pattern and undergoing a correction to a Fibonacci retracement level in the low $60,000 range. This correction often indicates a continuation of the upward trend. The previous week’s candle, which displayed a hammer shape with a long wick, is still dominant in the overall structure, suggesting that Bitcoin is poised to rise even higher after a healthy correction.
By studying their chart, the analysts propose that Bitcoin has either completed or is on the verge of completing a three-wave ABC correction. According to the Elliott Wave theory, a bullish asset typically experiences a new surge after a three-wave ABC correction.
The analysts predict that Bitcoin could surpass the $85,000 mark before the official start of summer on June 20th. They state that Bitcoin is currently breaking the trendline of the pennant and the 50-day simple moving average (SMA). Once the level of $65,000-$66,000 is breached, Bitcoin is expected to reach $73,500, then $76,500, with a strong possibility of hitting $85,200 before summer begins.
As of the time of writing, Bitcoin is trading at $62,016, experiencing a slight decline in the past 24 hours.
To stay updated, subscribers can receive email alerts directly to their inbox. The analysts recommend following the price action on X, Facebook, and Telegram. Additionally, readers can access The Daily Hodl Mix for more information.
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