The Glassnode Team Predicts Bitcoin Will Surge Higher Soon ๐
The co-founders of crypto analytics platform Glassnode are optimistic about Bitcoinโs future, forecasting a significant price increase following a recent 7% uptrend. Sharing their insights on social media, the team believes that key indicators point towards an impending bullish breakout for Bitcoin.
Forecasts and Analysis from Glassnode Co-founders ๐
- The analysts at Glassnode highlight that Bitcoin is exhibiting signs of a bullish pennant pattern.
- They note that a correction to a Fibonacci retracement level in the low $60,000 range could signify a continuation of the upward trend.
โBTC still looks poised to surge higher! Recent price action, particularly last weekโs candle, indicates a potential reversal. The structure of the pattern remains dominant, suggesting a healthy correction before further upside movement. Corrections typically retrace around 50% or 61.8% of the previous impulse.โ
Chart Analysis and Price Predictions ๐
- According to Glassnodeโs chart analysis, Bitcoin may have completed or is nearing the end of a three-wave ABC correction.
- Based on the Elliott Wave theory, a new upward movement could follow an ABC correction, propelling Bitcoin to higher price levels.
โBitcoin could potentially surpass the $85,000 mark before the official start of summer on June 20th. Breaking through key resistance levels, such as the trendline of the pennant and the 50-day SMA, could pave the way for further gains.โ
As of the current writing, Bitcoin is trading at $62,016, showing a slight decline in the last 24 hours.
Closing Thoughts on Bitcoinโs Potential Growth ๐
Despite the recent pullback, Glassnodeโs co-founders remain optimistic about Bitcoinโs future trajectory, expecting the leading cryptocurrency to experience significant upward momentum in the near term. With key technical indicators aligning in favor of a bullish breakout, Bitcoin could be gearing up for a substantial price surge, potentially reaching new all-time highs.
Hot Take: Bitcoinโs Bright Future Outlook ๐ฅ
As the crypto market evolves and Bitcoin continues to demonstrate resilience, Glassnodeโs bullish predictions underscore the potential for substantial growth in the digital asset space. Investors and traders are closely monitoring key price levels and market dynamics, anticipating a decisive move towards higher price targets for Bitcoin in the coming weeks.