Cryptocurrency experts are always in the spotlight for their insightful analyses, and the Glassnode team, specifically its founders, recently made an important statement about Bitcoin amidst significant price fluctuations.
The founding team of Glassnode, a crypto analysis platform, shared their views on Bitcoin, suggesting that the recent 7% increase in its value could be an indication of further growth. Through their social media platform, X, the team, under the name Negentropic, shared these significant statements with their thousands of followers. They believe that BTC might be poised for a rise based on their analysis of fundamental indicators.
Analysts have observed that Bitcoin is forming a bullish flag pattern and has corrected towards the Fibonacci retracement level below $60,000. This correction often serves as an indication of a bullish outlook. In their comments on a shared chart, analysts highlight that Bitcoin is either at or near the end of a three-wave ABC correction. The Elliott Wave theory analysis suggests that a new rise often follows such a correction, particularly in a rising cryptocurrency.
Recently, the same Glassnode team made a statement predicting that Bitcoin could surpass the $85,000 mark before the summer months of June. They remain optimistic about its potential for growth.
As for the current price of Bitcoin, it seems to be moving slightly upward, currently resting at $62,439 after a modest increase of just over 1% in the last 24 hours. This price increase has brought the market cap back to the $1.23 trillion level, while the 24-hour trading volume has reached $25.9 billion after a 1% increase. While this may seem like a minor change, it has once again created a sense of unease among investors.
To stay updated with the latest news, you can follow Glassnode on Telegram, Facebook, Twitter, and Coinmarketcap. However, it’s important to note that the information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and conduct their own research.
