‘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.

Bitcoin price 1

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.

Bitcoin price 2

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.

Bitcoin price chart from Tradingview.com