Bitcoin price can gain 60% if ‘textbook’ chart pattern confirms — Trader

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Bitcoin (BTC) could rise 60% unless its long-term chart characteristics are compromised.

in his part Latest analysis On June 8, popular trader Mikybull Crypto showed a positive sign on the BTC/USD weekly chart.

Weekly Bitcoin Price Chart Holds $40,000

Bitcoin is still stuck in the tight trading range it entered about three months ago, leaving market participants with little to do when it comes to short-term price targets.

The daily performance shows neither a definitive uptrend nor a downtrend, and there is still a formidable resistance overhead of $30,000.

“The market is still in the same situation as it has been in the past few days. was suggested Advice typical of the current market perspective.

“Keep your focus on the direction of the higher timeframes.”

However, in the case of Mikybull Crypto, these higher timeframes indicate that interest rate price movements are coming in the near future.

He argued that the weekly chart shows BTC/USD has completed an inverted head and shoulders pattern and is now retesting.

This is a bullish equivalent of a standard head and shoulders pattern that indicates solid resistance and is usually followed by a downtrend.

The daily timeframe sees this head-and-shoulders shape materializing around April’s local highs of $31,000, but the broader trend could still play out in favor of the bulls. have a nature.

“Bitcoin is taking the polar opposite of the textbook topic on Weekly TF. Price is currently retesting the neckline after its breakout,” explained Mickyble Crypto.

“As we were taught, if the range between headline and neckline is usually a sprint, we expect BTC to rise another 60%.”

That 60% “sprint” brings BTC/USD to around $40,000.

BTC/USD annotated chart. Source: Mikybull Crypto/Twitter

Abandon bounded “expectations”

In fact, the $40,000 mark and the area around it are already popular targets for various traders.

RELATED: US Bitcoin Supply Drops Over 10% Over the Past Year — Glassnode

Crypto Caleo continues to describe $40,000 as a market “magnet” while Bitcoin price maintains a major support trendline throughout the three-month range.

Meanwhile, trader and analyst Credible Crypto said in his predictions this week that the $40,000 cap for BTC in 2023 is not.

“Prediction: “Bitcoin halving is April 2024. We expect the Bitcoin dollar to level off between 20,000 and 40,000 for about 12 months, during which time we will sell as much Bitcoin as possible. Accumulate.If we reach the halving, we will start the next bull market.It will take more than 100,000 years by 2025.WAGMI,” he said. Said follower.

“Reality: BTC will create a new ATH in 2023, leaving the majority on the sidelines. Not everyone can make it.”

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This article does not contain investment advice or recommendations. Any investment or trading move involves risk and readers should conduct their own research before making any decision.