Cryptocurrency experts always catch the attention of the public with their insightful analyses. Recently, the Glassnode team, particularly its founders, made an important statement about Bitcoin during a period of significant price fluctuations.
The Team’s Insights on Bitcoin
The founding team of Glassnode, a crypto analysis platform, shared their views on Bitcoin after it experienced a 7% increase last week. They took to the social media platform X, under the name Negentropic, to communicate with their numerous followers about BTC. The team suggested that Bitcoin might be on the verge of a rise, based on their analysis of fundamental indicators.
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According to analysts, Bitcoin seems to be forming a bullish flag pattern. They also observed that Bitcoin has corrected towards the Fibonacci retracement level below $60,000, which often indicates a bullish outlook.
In their comments on the shared chart, analysts emphasized 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 usually follows the end of a three-wave ABC correction, especially in a rising cryptocurrency.
As we mentioned yesterday, the same team made a statement suggesting that Bitcoin could surpass the $85,000 level before the summer months of June. They stated the following:
What is the Current Price of Bitcoin?
Bitcoin’s price appears to be moving slightly into positive territory once again. Currently, it stands at $62,439, following a modest 1% increase in the last 24 hours.
After the price increase, the market cap has reached the $1.23 trillion level again, while the 24-hour trading volume has exceeded $25.9 billion after a 1% increase. This slight change has once again sparked unease among investors.
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Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry inherent risks. Therefore, they should conduct their own research.