It is known that expert teams in cryptocurrencies always attract attention with their analyses. In this context, during the recent period of significant price fluctuations, the Glassnode team, or more specifically its founders, made another important statement and expressed their opinions about Bitcoin.
The Team’s Comments on Bitcoin
The founding team of the crypto analysis platform Glassnode shared their views that the process could continue following a 7% increase in Bitcoin last week.
On the social media platform X, under the name Negentropic, Glassnode’s founding team made significant statements to their thousands of followers about BTC. The team suggests that BTC might be ready for a rise, based on fundamental indicator analyses.
According to analysts, Bitcoin is forming a bullish flag pattern. They also note that Bitcoin has made a correction towards the Fibonacci retracement level below $60,000, which often highlights and indicates a bullish outlook.
BTC still seems set to rise! Last week’s candle was a reverse candle – a long-wicked hammer. The price has returned to the flag structure. This candle still dominates the structure. Therefore, this week’s pullback looks like a healthy correction before a rise. Corrections often pull back 50% or 61.8% of the previous impulsive move.
Analysts emphasize in their comments on the shared chart that Bitcoin is at or near the end of a three-wave ABC correction. The Elliott Wave theory analysis is known for hosting a new rise at the end of a three-wave ABC correction that generally occurs in a rising cryptocurrency.
As we mentioned yesterday, the same team made a statement believing that Bitcoin could exceed the $85,000 level before the summer months of June, saying the following:
BTC is currently in the process of breaking the flag trend line and the 50-day SMA (simple moving average). BTC, when the $65,000-66,000 levels are broken, will first rise to $73,500, then to $76,500, and we might see $85,200 before summer.
What is the Current Price of Bitcoin?
Bitcoin’s price seems to have started moving in a slightly positive area again. The price is currently at $62,439 after a rise of just over 1% in the last 24 hours.
Following the price increase, the market cap has returned to the $1.23 trillion level, while the 24-hour trading volume has left behind $25.9 billion after a 1% increase. This minor change has once again highlighted the sense of unease among investors.
