Great Expectations: Signs Of An Uptick In Bitcoin.

Traders will closely monitor the closing of Bitcoin's weekly chart on May 12th to look for signs that the downward trend has ended.

Bitcoin traders are currently focused on a potential "bullish hammer candlestick" observed in the recent weekly price chart, which could reverse the downward trend seen last month.

The founders of on-chain analysis platform Glassnode, Jan Happel and Yana Allemann, indicated in their assessment on May 9th that "Bitcoin still holds potential for an uptrend."

Experts noted that Bitcoin's price chart formed a bullish hammer candlestick on May 5th, characterized by a small body with a long wick above it.

Crypto trader Mister Crypto commented, "Bitcoin's weekly bullish hammer candlestick could signal a reversal."

Traders anticipate a potential reversal signal due to significant price declines over the past seven days. Buyers demonstrated a change in market sentiment by aggressively buying near the opening price of the candlestick.

Crypto analyst Negentropic stated, "The decline this week appears to be a necessary correction before the next uptrend. Corrections typically retraced 50% or 61.8% of the previous major move."

Crypto analyst Rekt Capital also commented on May 9th, stating that long lower wicks often signal the end of corrections exceeding 20% for Bitcoin over the past eighteen months.

According to CoinMarketCap data, Bitcoin closed the week ending May 5th at $64,109. A 20% increase from this level could propel Bitcoin above its all-time high of $76,822.

At the time of publication, Bitcoin was recorded at $62,830.

On the other hand, crypto trader Mags mentioned that if prices remain at current levels, the next target could be the $72,000 peak.

While this single candlestick formation is seen as a bullish signal among traders, most investors will wait for confirmation of a directional change in the next candlestick.

Therefore, investors will closely watch how Bitcoin closes the week of May 12th.

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