According to the co-founders of Glassnode, Bitcoin has “much more potential” – but there’s a catch

The founders of the analysis platform Glassnode believe that Bitcoin (BTC) is preparing for a much larger uptrend.

Glassnode co-founders Jan Happel and Yann Allemann, who share the Negentropic handle on social media platform X, say Bitcoin appears to be forming a bullish pattern amid a market correction.

However, analysts say the correction could continue in the near term.

“Triangle thesis is gaining strength! While there is little doubt that the current pattern developing in BTC is corrective, there has been some doubt as to which pattern is developing. After the price development is over [Thursday and Friday], the potential triangle pattern becomes more likely. Overall, this means a lot more upside for BTC. In the shorter term, this could mean more sideways consolidation.”

The analysts use the Elliot wave theory in their technical analysis. The theory aims to predict price impulses based on crowd psychology, which tends to manifest itself in waves. Looking at their chart, the analysts suggest that BTC could see further bullish momentum after consolidating within a bullish triangle pattern and completing the waves marked D and E.

The analysts also say that three key daily moving averages (DMAs) are starting to indicate an uptrend for Bitcoin.

“Moving averages indicate a positive shift leading to bullish momentum in BTC. Bitcoin's daily chart signals a mix of bullish and bearish patterns, suggesting an extended period of consolidation amid high volatility and market uncertainty. With support at $59,313 and resistance at $73,794, the market is moving within these parameters.

Significantly, the 50-day, 100-day and 200-day moving averages are now pointing to a positive shift, providing fundamental support and potential for upside momentum. This emerging pattern suggests a cautious but optimistic outlook for Bitcoin and highlights the potential for gradual recovery and growth.”

Source: Negentropic/X

Bitcoin is trading at $68,050 at the time of writing, up slightly in the last 24 hours.

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