‘Bird Beak Sign’ Indicates Potential Bitcoin Price Rally to $114,000
The Bitcoin price may approach new all-time highs as a crypto analyst identified a technical indicator called the “Bird Beak Sign.” This pattern, detected on the Bitcoin Heikin Ashi chart, suggests an imminent price rally.
‘Bird Beak’ Pattern Signals Path To $100,000
Crypto analyst ‘Trader Tardigrade’ has presented a bullish outlook for Bitcoin’s price. In a post on X (formerly Twitter), he highlighted the Bird Beak sign in the Bitcoin Heikin Ashi chart, which is used to identify market trends and predict prices.
The Bird Beak Sign appears when Heikin Ashi candlesticks cluster closely together, indicating price stabilization before a potential upward movement. Historical occurrences of this pattern have preceded strong uptrends, often marked by multiple green candles representing upward price action.
On 2 January 2023, the Bird Beak sign led to a price surge to $23,250. It reappeared on 7 and 25 February 2024, resulting in Bitcoin reaching $52,000 and $71,000 to $72,000, respectively. The latest Bird Beak formation occurred on 27 October 2024, with analysts predicting it could push Bitcoin's price to $114,000 this month.
Analyst Expects Bitcoin Price To Hit $71,000 First
In a recent X post, Trader Tardigrade noted that Bitcoin is breaking out of a Symmetrical Triangle on its 8-hour Heikin Ashi chart. A successful breakout from this pattern could target a price increase to $71,000.
This positive sentiment is echoed by another analyst known as the ‘Titan of Crypto,’ who also anticipates Bitcoin reaching $71,000 soon, noting the strength of the cryptocurrency's monthly candle.
As of the latest update, Bitcoin is trading at $67,856, reflecting a 1.3% increase over the past 24 hours, according to CoinMarketCap.
