Bitcoin Price Breaks Above Inverse Head and Shoulders Pattern, Targets $300,000
Bitcoin is displaying bullish signals, having formed and broken out of an Inverse Head and Shoulders pattern. This technical setup indicates a potential price surge to $300,000.
Analyst Forecasts Bitcoin Price Reversal
- Analyst Gert van Lagen predicts a surge to $300,000 based on chart patterns.
- The Inverse Head and Shoulders pattern suggests a shift from bearish to bullish trends.
- Bitcoin broke above the neckline around $86,972, with a successful retest strengthening bullish momentum.
- A predicted 258.4% increase would elevate Bitcoin's price significantly from current levels.
- A sell line between $340,000 and $380,000 indicates potential profit-taking by traders.
- The analysis aligns with Elliott Wave theory, suggesting a strong Wave 5 could trigger further price increases.
- Price projection may be invalidated if Bitcoin falls below $72,900, which could lead to deeper corrections.
Update On BTC’s Price Analysis
- Despite optimism, Bitcoin is experiencing bearish momentum.
- Recent price drop: Bitcoin fell 9.18% in 24 hours and 16% over the past month.
- Current trading price stands at $83,699.
