Glassnode executives predict that Bitcoin may experience a significant surge soon, referred to as a “bullish candle hammer.”

Bitcoin traders are drawing attention to a bullish candle hammer that has appeared on Bitcoin’s weekly price chart, suggesting a possible reversal of the recent downtrend. Market intelligence firm Glassnode founders Jan Happel and Yana Allemann expressed optimism about Bitcoin’s future, noting the bullish hammer on May 5. Pseudonymous crypto trader Mister Crypto also highlighted the candle’s significance, stating that it could indicate an imminent reversal. The candle’s long wick indicates that buyers aggressively closed the price near the candle open, signaling a shift in sentiment. Corrections often pull back either 50% or 61.8% of the previous impulse move, suggesting a healthy correction before a potential upward movement. Pseudonymous crypto trader Rekt Capital emphasized the importance of long downside wicks in ending more than 20% corrections for Bitcoin. Bitcoin closed the week ending May 5 at $64,109, and a 20% increase from this level would surpass its all-time high, reaching $76,822. However, crypto trader Mags believes that Bitcoin may fall slightly short of this estimate, with a potential range high of $72,000. While the bullish candle pattern is viewed as a positive signal, traders are waiting for confirmation in the following candle. The closing of Bitcoin’s chart for the week of May 12 will be closely watched by traders. It is important to note that this article does not provide investment advice, and readers should conduct their own research before making any decisions.