Jan Happel and Yann Allemann, the founders of the on-chain analysis platform Glassnode, made an assessment from the Negentropic account they share on X, showing that Bitcoin may soon exceed the $80,000 level.

Stating that Bitcoin is about to break an upward pennant pattern, analysts used the following statements:

“BTC [is] currently in process of breaking [the] trendline of Pennant and the 50 Daily SMA (simple moving average). When the level [of] $65,000-$66,000 is broken, BTC will move on to first $73,500, then $76,500, and chances are that we see $85,200 before the Summer.”

The two analysts wrote the day before that bearish moves were continuing, but that the situation had “cooled” as the weekend’s depreciation liquidated long positions.

Glassnode founders also stated in an analysis in February that they expected Bitcoin to rise sharply, and they were right in their predictions. Bitcoin, which was around $40,000 in early February, reached $73,000 by mid-March.

The two analysts stated that they predicted the largest cryptocurrency to reach $120,000 in July.