Inverse Head And Shoulders Breakout Suggests Bitcoin Price Is Headed To $300,000
this Bitcoin price action It is showing strong bullish signals as the rare reverse head and shoulder pattern has just broken and the neckline has been retested. This technical setup suggests that Bitcoin may soon be ready for a large $300,000 rally.
Analysts predict Bitcoin price reversal
Crypto analyst Gert Van Lagen brought to X on Monday (formerly Twitter) forecast The looming price of Bitcoin rose to $300,000. Analysts present a detailed price chart that depicts The formation of head and shoulder patternsdisplaying its left shoulder, head, right shoulder and neckline.
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Based on his analysis of X, Lagen emphasized that Bitcoin successfully broke the neckline of this technology model, confirming the possibility. Bullish reversal. Specifically, the reverse head and shoulder pattern is a classic technical indicator that marks the transition from a bearish trend to a bullish trend. The left shoulder highlight of the pattern Price drops Then perform temporary recovery. The head suggests a drop in depth, marking the lowest point of the trend. The right shoulder indicates a smaller drop and then breaks over the neckline.
Bitcoin breaks the patterned neckline above the $86,972 price point. Lagen notes that successful retesting of the neckline can consolidate Bitcoin bullish action. This is because, historically, once this pattern is confirmed, cryptocurrencies tend to see a huge upward momentum.
Based on measured movements of the inverse head and shoulders, Largan predicts Bitcoin is expected to reach $300,000 This bull cycle. This will increase by 258.4% over the current market price. The analyst also highlighted the selling line between $340,000 and $380,000; here, traders may exit or make a profit.
Supporting this bullish outlook is the parabolic ladder-shaped composition in the Bitcoin price chart. Lagen revealed that this is a series of formations from basic 1 to 4 before triggering the explosive price rally. Currently, Bitcoin has completed Basic 3 and is entering its final parabolic phase. This technology forms Elliotbo Theory This indicates a Strong Wave 5 It could lead to huge price increases.
While the analyst is confident about his $300,000 Bitcoin price projection, he warns that it may be Totally invalid If BTC drops $72,900 in the weekly timeframe. Furthermore, breaks below this threshold may signal A Deeper price correction and delay the gathering.
Updates to BTC price analysis
Cryptocurrency, although analysts remain optimistic about the future prospects of Bitcoin Experience bearish momentum. In just 24 hours, Bitcoin lost almost all price gains since Donald Trump announced Crypto reserve plan.
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The previous day’s cryptocurrency transaction exceeded $92,000. However, Bitcoin keeps going down According to CoinMarketCap, 9.18% in the past 24 hours were as high as 16% in the past month. As of writing, this serious price drop has dropped the value of Bitcoin to $83,699.
Featured images from Adobe Stock, charts from TradingView.com
