Bitcoin is attempting to consolidate its reverse head and shoulder form, and success may trigger a "sprint" to $40000.If the long-term chart characteristics remain unchanged, Bitcoin (BTC) may rise by 60%
Bitcoin is attempting to consolidate its reverse head and shoulder form, and success may trigger a "sprint" to $40000.
If the long-term chart characteristics remain unchanged, Bitcoin (BTC) may rise by 60%.
In his latest analysis on June 8th, popular trader MikybullCrypto marked encouraging signs on the BTC/USD weekly chart.
Weekly Bitcoin price chart maintains $40000 on the desktop
Due to Bitcoin still being within the narrow trading range entered nearly three months ago, market participants have little to do with short-term price targets.
Daily performance did not provide a decisive upward or downward trend - $30000 remains a significant resistance level.
The market is still in the same position as in the past few days. Don't be fragmented, bid in extreme situations and wait, "suggested trader Jelle in a typical suggestion of current market views.
Continue to focus on higher time frame directions
However, for MikybullCrypto, these higher time frames indicate that more interest rate price trends are imminent.
He believes that the weekly chart shows that BTC/USD is complete and is retesting the reverse head and shoulder shape.
This is the bullish counterpart of the standard head and shoulder shape - this shape indicates that resistance is consolidating, followed by a usually downward trend.
Although the daily time frame has seen this form of head and shoulder shape materialize near the local high of $31000 in April, a broader trend may still be favorable for bulls.
Bitcoin presents a textbook style head to shoulder reversal on the weekly TF. Prices are currently breaking through and retesting the neckline, "MikybullCrypto explained.
As taught, if the range between the head and neckline is usually a sprint, we expect BTC to rise by another 60%
60% of the 'sprint' will bring the BTC/USD to around $40000.
Setting aside interval "expectations"
The $40000 mark and nearby areas have actually become popular targets for various traders.
CryptoKaleo continues to describe $40000 as a "magnet" in the market, while Bitcoin prices have maintained a key supporting trend line throughout the entire three-month range.
Meanwhile, in this week's forecast, trader and analyst CredibleCrypto stated that $40000 will not constitute the upper limit for BTC in 2023.
Expected: 'Bitcoin halving is in April 2024. It is expected that BTC will consolidate horizontally between 20-40k for about 12 months, and we will increase our holdings of Bitcoin as much as possible. Once halved, we will start the next bull market of 100k+until 2025. WAGMI,' he told followers.
Reality: BTC created a new ATH in 2023, and most people are marginalized. Not everyone can do it
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