Glassnode executives predict bullish candle hammer could cause Bitcoin to surge

Bitcoin traders are drawing attention to a “bullish candle hammer” that has appeared on Bitcoin’s weekly price chart. They believe that this could indicate a potential reversal of the recent downtrend. Market intelligence firm Glassnode founders Jan Happel and Yana Allemann expressed their optimism, stating that Bitcoin still appears poised to surge higher. They pointed out that the Bitcoin price chart closed with a bullish hammer, which is characterized by a small body above a thin, long line known as a “wick.” Pseudonymous crypto trader Mister Crypto also echoed this sentiment, stating that a reversal is imminent. The presence of the bullish hammer suggests that although traders pushed prices down over the past week, buyers aggressively closed it near the candle open, indicating a shift in sentiment. Negentropic, another pseudonymous trader, believes that the pullback is a healthy correction before further gains. They explained that corrections often pull back either 50% or 61.8% of the previous impulse move. Additionally, Rekt Capital, another pseudonymous trader, highlighted that long downside wicks have historically marked the end of more than 20% corrections for Bitcoin. If the recent bullish candle hammer signals a reversal, Bitcoin could surpass its current all-time high of $64,109 and potentially reach $76,822. However, crypto trader Mags predicts that Bitcoin may fall slightly short of that estimate, suggesting a range high of $72,000. While the bullish candle pattern is seen as a positive sign, traders are cautious and await 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. It is important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any decisions.