Cryptocurrency analysis teams, particularly those led by Glassnode's founders, have been drawing attention for their insightful comments during times of significant price fluctuations in the market, such as the recent period of spikes and drops experienced by Bitcoin.

The team from Glassnode recently commented that Bitcoin could potentially see further growth after a 7% increase in its value last week. Through their social media platform, Negentropic, the team conveyed to their extensive following that BTC might be on the brink of an upward trend based on their analyses of fundamental indicators.

In the analysis provided by the team, Bitcoin is observed to be forming a bullish flag pattern and has corrected towards the Fibonacci retracement level below $60,000, indicating a positive outlook. The team also pointed out that Bitcoin is possibly reaching the conclusion of a three-wave ABC correction, hinting at a forthcoming rise as per the Elliott Wave theory.

Currently, as the team stated in their comments, Bitcoin is anticipated to break the flag trend line and the 50-day SMA soon. If the $65,000-$66,000 levels are breached, Bitcoin is forecasted to first hit $73,500, then $76,500, and potentially reach $85,200 by summer.

Bitcoin's Current Price

Bitcoin's price has shown a slight increase, moving to $62,439 after a rise of just over 1% in the past 24 hours. The market cap has returned to the $1.23 trillion level, accompanied by a 24-hour trading volume of $25.9 billion, indicating that the recent modest price change has left investors feeling uncertain.