The founders of crypto analytics platform Glassnode are predicting that Bitcoin (BTC) will soon soar even higher after being up 7% in the last week.
In a new thread, the co-founders of Glassnode, who go by the handle Negentropic on the social media platform X, tell their 62,900 followers that key indicators suggest Bitcoin is gearing up from a massive breakout.
The analysts say Bitcoin appears to be forming a bullish pennant pattern. They also suggest that Bitcoin is correcting to a Fibonacci retracement level, in the low $60,000 range, which often predicts a continuation of an upward trend.
“BTC still looks like it is about to blow higher! Last week’s candle was a reversal candle – a hammer with a long wick. Price moved back into the pennant structure. This candle still dominates the structure. This week’s pullback, hence, seems like a healthy correction before higher. Corrections often pull back either 50% or 61.8% of the previous impulse move.”
Looking at their chart, the analysts suggest that Bitcoin has or is about to complete a three-wave ABC correction. The Elliott Wave theory states that a bullish asset often witnesses a fresh leg up after an ABC correction of three wave impulses.
The analysts believe Bitcoin could break through the $85,000 level before the start of summer, which officially begins on June 20th.
“BTC is currently in the process of breaking the trendline of pennant and the 50-day SMA (simple moving average). When the level of $65,000-$66,000 is broken, BTC will move on to first $73,500, then $76,500, and chances are that we see $85,200 before the summer.”
Bitcoin is trading for $62,016 at time of writing, down slightly in the last 24 hours.
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