The co-founders of Glassnode, a crypto analytics platform, are optimistic about the future of Bitcoin (BTC) as they predict that its value will continue to rise. In a recent thread on X, a popular social media platform, the co-founders, known as Negentropic, shared with their 62,900 followers that key indicators point towards a significant breakout for Bitcoin.

According to the analysts, Bitcoin is currently displaying a bullish pennant pattern and is undergoing a correction to a Fibonacci retracement level in the low $60,000 range. This correction often indicates a continuation of an upward trend. The previous week’s candle, which resembled a hammer with a long wick, has dominated the market structure and suggests that Bitcoin is poised for a significant surge.

By analyzing their chart, the analysts suggest that Bitcoin has either completed or is in the process of completing a three-wave ABC correction. Based on the Elliott Wave theory, this correction is typically followed by a fresh upward movement in the asset’s value.

The analysts have high expectations for Bitcoin and anticipate that it could surpass the $85,000 mark before the official start of summer on June 20th. They believe that once Bitcoin breaks the trendline of the pennant and the 50-day SMA (simple moving average) around the $65,000-$66,000 level, it will move towards $73,500, then $76,500, and potentially reach $85,200.

At the time of writing, Bitcoin is trading at $62,016, experiencing a slight decrease in value over the past 24 hours.

Please note that the opinions expressed in this article are not investment advice, and investors should conduct their own research before engaging in high-risk investments in Bitcoin, cryptocurrency, or digital assets. Transfers and trades are undertaken at one’s own risk, and any resulting losses are the responsibility of the individual. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets and is not a financial advisor.