There is an exciting update for Bitcoin enthusiasts. We all know that the Bitcoin market is not in a good shape right now. The market has seen a 7.8% drop in 7 days and a 8.75% drop in 30 days. The current price is just $59,203.54 – much lower than its March peak of over $73,000. A chart pattern observed by a cryptocurrency expert, identified as Elja, indicates that Bitcoin investors have nothing to worry about. Here is why. Read on!
Will Bitcoin Rise?
The big question is 'will the Bitcoin market show a bullish trend soon'. A pattern that Elja noticed tells us that we don't have to wait much longer to see that trend. In his latest X-post, Elja talked about an inverse head and shoulders pattern that he identified in the Bitcoin chart.
What is a Reverse Head and Shoulders Pattern?
An inverse head and shoulders pattern is a signal that an uptrend is not too far away. This pattern consists of three parts: a left shoulder, a head, and a right shoulder. The neckline is an important element in this pattern. It is usually drawn by connecting the two important peaks within the pattern (the peaks of the price increase after the left shoulder and the right shoulder). When the price of an asset breaks through this neckline, it is considered the start of an uptrend.
Inverse Head and Shoulders Pattern and Bitcoin: What Experts Observe
The crypto expert predicted the possibility of the Bitcoin price breaking the neckline of the Inverted Head and Shoulders pattern that he saw on the BTC chart. He believed that breaking the neckline would create a strong upward momentum in the price of Bitcoin. He added that the said momentum would allow the market to reach a new all-time high in the fourth quarter of 2024 and even take the price to $100,000 by the first quarter of 2025.
In conclusion, the inverse head and shoulders pattern observed by the crypto expert is a strong positive signal that a crypto enthusiast can consider. Thus, it is important to keep a close eye on the BTC price momentum near the neckline of the pattern.
Stay informed about Coinpedia for more updates on interesting patterns in Bitcoin chart!
Source link
