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The Bitcoin -Price promotion Shows strong bullish signals, because a rare reverse head and shoulder pattern has just been switched off and his neckline has tested again. This technical setup suggests that Bitcoin could soon make up a mega rally up to $ 300,000.
Analysts predicts Bitcoin -price revenue
On Monday, crypto analyst Gert from Lagen to X (formerly Twitter) went to prediction A threatening Bitcoin price increase up to $ 300,000. The analyst presented a detailed price diagram that Formation of a reverse head and shoulder patternWith its left shoulder, head, right shoulder and neckline.
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Based on his analysis of X, Lagen emphasizes that Bitcoin is successfully broken above the neckline of this technical pattern, which confirms a possible Bullish reversal. In particular, the inverted head and shoulder pattern is a traditional technical indicator that indicates a shift from a bearish trend to a bullish trend. The left shoulder of the pattern emphasizes one decrease followed by a temporary recovery. The head suggests a deep drop, which marks the lowest point of the trend. The right shoulder indicates a smaller decline, followed by a breaking above the neckline.
Bitcoin broke above the neckline of the pattern around the price of $ 86,972. Layers pointed out that a successful retest of this neckline could solidify Bitcoin’s Bullish Put. This is because, historically, as soon as this pattern is confirmed, cryptocurrencies tend to see a considerably upward momentum.
Based on the measured movement of the inverted head and shoulder, that was predicted Bitcoin is on track to reach $ 300,000 This bull’s cycle. This would increase no less than 258.4% compared to the current market price. The analyst also highlights a sales line between $ 340,000 and $ 380,000; Traders will probably leave here or take a profit.
Support for these bullish prospects is a parabolic step-like formation on the Bitcoin price chart. Layers revealed that this follows a series of formations from base 1 to 4 before an explosive price rally is activated. Bitcoin Base 3 has currently completed and is entering its last parabolic phase. This technical formation is in line with the Elliott Wave theory That suggests that one Strong Golf 5 could lead to a considerable price die.
Although the analyst has confidence in his Bitcoin -Price Projection of $ 300,000, he warns that it could be completely invalid If BTC falls under $ 72,900 in the weekly period. Moreover, a break under this threshold can be a signal Deeper price correction And postpone the rally.
Update about the price analysis of BTC
While analysts remain optimistic about the future prospects of Bitcoin, the cryptocurrency Experience Beerarish Momentum. In just 24 hours, Bitcoin lost almost all the price profits it has gathered since President Donald Trump announced Plans for a crypto reserve.
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The cryptocurrency traded above $ 92,000 the previous day. However, Bitcoin has fallen 9.18% in the last 24 hours and no less than 16% in the past month, according to Coinmarketcap. This serious price decrease has fallen the value of Bitcoin to $ 83,699.
Featured image of Adobe Stock, Chart van TradingView.com
