Bitcoin traders are optimistic about a possible reversal in the cryptocurrency’s downtrend, pointing to a “bullish candle hammer” on its weekly price chart. Market intelligence firm Glassnode founders Jan Happel and Yana Allemann expressed their belief that Bitcoin is poised for an upward move, noting the bullish hammer candle that closed on May 5. Pseudonymous crypto trader Mister Crypto also highlighted the significance of this candle pattern, suggesting that it could indicate a shift in sentiment. Traders believe that the recent pullback is a healthy correction before Bitcoin moves higher, with corrections typically retracing either 50% or 61.8% of the previous impulse move. While Bitcoin closed the week ending May 5 at $64,109, a 20% increase from this level would surpass its all-time high and reach $76,822. However, some traders, like Mags, anticipate that it may fall slightly short of this estimate, with a potential range high of $72,000. It’s important to note that traders are awaiting confirmation of the change in direction in the following candle. The closing of Bitcoin’s chart for the week of May 12 will be closely watched by traders. As always, readers are advised to conduct their own research and exercise caution when making investment decisions.
Glassnode execs predict Bitcoin's bullish candle hammer could propel it to new heights.