Glassnode, the founders of the crypto analytics platform, are optimistic about the future of Bitcoin (BTC), projecting a further surge in its value. According to a recent thread by the co-founders on the social media platform X, Bitcoin is showing signs of a major breakout. The experts observe that Bitcoin is forming a bullish pennant pattern and is correcting to a Fibonacci retracement level, indicating a continuation of the upward trend.

The analysts point out that last week’s candle was a reversal candle, specifically a hammer with a long wick, which moved back into the pennant structure. They believe that this candle still dominates the structure and that the current week’s pullback is a healthy correction before a further increase. They note that corrections often pull back either 50% or 61.8% of the previous impulse move.

In their chart analysis, the analysts suggest that Bitcoin has either completed or is about to complete a three-wave ABC correction. According to the Elliott Wave theory, a bullish asset typically experiences a fresh leg up after a three-wave ABC correction.

The analysts predict that Bitcoin could surpass the $85,000 level before the start of summer, which officially begins on June 20th. They anticipate that once Bitcoin breaks the trendline of the pennant and the 50-day SMA (simple moving average) at the $65,000-$66,000 level, it will move towards $73,500, then $76,500, with a possibility of reaching $85,200.

As of now, Bitcoin is trading at $62,016, slightly down in the last 24 hours.

Please note that the opinions expressed in this article are not investment advice, and investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Transfers and trades are done at your own risk, and any losses incurred are your responsibility. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor is it an investment advisor.