- The founders of crypto analytics platform Glassnode predict a significant rise in Bitcoin (BTC) value, following a 7% increase in the past week.
- Bitcoin is currently correcting to a Fibonacci retracement level in the low $60,000 range, indicating a potential continuation of the upward trend.
- Analysts suggest that Bitcoin could break through the $85,000 level before the start of summer.
Bitcoin is poised for a significant surge, according to predictions by crypto analytics platform Glassnode. The cryptocurrency is currently correcting to a Fibonacci retracement level, suggesting a continuation of its upward trend.
Bitcoin’s Bullish Pennant Pattern
The co-founders of Glassnode, known as Negentropic on social media platform X, have noted that Bitcoin appears to be forming a bullish pennant pattern. This pattern, along with the cryptocurrency’s correction to a Fibonacci retracement level in the low $60,000 range, suggests a potential continuation of Bitcoin’s upward trend. The analysts shared their insights with their 62,900 followers on the social media platform.
Bitcoin’s Potential Breakthrough
According to the Elliott Wave theory, a bullish asset often witnesses a fresh leg up after an ABC correction of three wave impulses. Glassnode’s analysts suggest that Bitcoin has or is about to complete such a correction. They predict that Bitcoin could break through the $85,000 level before the start of summer, which officially begins on June 20th. As of writing, Bitcoin is trading for $62,016, down slightly in the last 24 hours.
Conclusion
Bitcoin’s current trends and patterns suggest a potential surge in its value in the coming months. Investors and crypto enthusiasts should keep a close eye on the cryptocurrency’s performance as it corrects to a Fibonacci retracement level and potentially breaks through the $85,000 mark before the start of summer.
