Recently, Glassnode, a company specializing in cryptocurrency analytics, mentioned that Bitcoin might be gearing up for a substantial surge. A senior cryptocurrency analyst also highlighted the possibility of a surge in Bitcoin's value.

The co-founders of Glassnode, Jan Happel and Yann Allemann, shared their observations on social media regarding the current positive trend in Bitcoin during a market correction. Despite acknowledging the ongoing corrective phase, they pointed out the likelihood of a triangle formation, which could indicate potential growth. According to the analysts, this formation might lead to more horizontal consolidation in the short term.

In technical analysis, analysts are utilizing the Elliott Wave Theory to predict market movements based on psychological patterns. By analyzing the charts, they predict that BTC could experience an upward move after following a rising triangle formation and completing certain waves. The analysts further noted that daily moving averages for Bitcoin are indicating a positive trend, supporting the potential for upward momentum.

Overall, the analysis suggests an optimistic outlook for Bitcoin's future, emphasizing the potential for gradual recovery and growth. This information was initially shared on COINTURK NEWS.