Glassnode’s founders claimed that Bitcoin is ready for a significant rise. Expert analysts mentioned that there might be an upward trend in Bitcoin according to their statements.
Expectation of Rise in BTC
Glassnode co-founders Jan Happel and Yann Allemann argued through their social media shares that Bitcoin is inclined to rise after the current market correction. However, they also emphasized that the correction process could continue in the short term.
Critical Formation in BTC
Using the Elliott Wave Theory in their analysis, analysts predict that Bitcoin is within a rising triangle formation and that prices could move upward after the completion of this formation. They also point out that three important daily moving averages (DMA) give positive signals and that there could be a rise in momentum for Bitcoin.
Useful Information for Readers
It is important to note that Bitcoin is in a rising triangle formation, which can increase its potential for rise.
The positive change in daily moving averages (50, 100, and 200 DMAs) in the daily charts can provide support for upward momentum.
It is significant that the market moves within the 59,313-dollar support and 73,794-dollar resistance range, as these parameters are crucial.
Understanding that Bitcoin has the potential for gradual recovery and growth can be crucial in making investment decisions.
These predictions by analysts are among the points that investors should consider in determining their strategies regarding the movements in the Bitcoin market.
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