Glassnode execs predict Bitcoin to experience a significant surge on 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 potential reversal of the recent downtrend. Market intelligence firm Glassnode founders Jan Happel and Yana Allemann stated that Bitcoin appears poised to surge higher. They highlighted a bullish hammer candle on the Bitcoin price chart, indicating a possible reversal. Pseudonymous crypto trader Mister Crypto also commented on the potential reversal signaled by the bullish hammer candle. Traders believe that this candle pattern indicates a shift in sentiment, as buyers aggressively closed the candle near its open. Corrections in the market often pull back either 50% or 61.8% of the previous impulse move, suggesting that the recent pullback may be a healthy correction before further upside movement. Long downside wicks have historically been significant in ending corrections of over 20% for Bitcoin. Bitcoin closed the week ending May 5 at $64,109, and a 20% increase from this level would take it beyond its current all-time high of $76,822. However, some traders anticipate that Bitcoin may fall slightly short of this estimate, with a potential range high of $72,000. While the bullish hammer candle is viewed as a positive signal, traders are waiting for 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.