Bitcoin To $100,000: Infamous Head And Shoulders Pattern Appears To Signal The Start Of Another Rally
May 17 2024 - 10:00AM
NEWSBTC
Crypto analyst Crypto Jebb recently highlighted an inverse heads
and shoulders pattern that had formed on the Bitcoin chart. This
bullish pattern indicates another rally may be on the horizon for
the flagship crypto, which could send its price to $100,000.
How Could Bitcoin Could Rise To $100,000 Crypto Jebb revealed in a
video on his YouTube channel that the inverse heads-and-shoulders
pattern he had been predicting for a while had finally formed on
the charts. He predicts this pattern could lead to a price
breakout, sending Bitcoin’s price to $70,000. The analyst also
noted that the price target of the bullish pattern is at $75,000,
which indicates that Bitcoin could hit a new all-time high (ATH) on
its next leg up. Related Reading: End Of The Road For BNB
After 200% Surge? Mounting Resistance Threatens Rally Crypto Jebb
mentioned that there is a “great degree of likelihood” that Bitcoin
would experience a major rally, which would send it to $100,000
should it break its current ATH of $73,800. The crypto analyst
believes that Bitcoin’s rise to that price level is very likely,
considering that it has seen a “pretty large corrective movement”
since hitting a new ATH over two months ago. The crypto
analyst warned that there is a scenario where Bitcoin could also
end up trading sideways between $60,000 and $64,000, which would
signal a period of consolidation. He noted that Bitcoin could even
drop lower during this period. However, Bitcoin’s outlook is
generally bullish based on the technical indicators that crypto
Jebb highlighted. The analyst highlighted the Moving Average
Convergence/Divergence (MACD), which he noted is turning “very
bullish” on the daily chart and shows that the bulls are regaining
control. He also claimed that Bitcoin is witnessing a ‘green red
green’ formation on the daily chart, indicating that the crypto
token is “doing very well.” BTC Is In “Very Bullish Territory
Crypto Jebb mentioned that Bitcoin is currently in very bullish
territory, especially since Altcoins are also rallying. He claims
this indicates a “great degree of confidence” in the market at the
moment. The crypto analyst also noted that the stock market just
broke an all-time high, which he stated is big news for Bitcoin.
Related Reading: PEPE Whales Go On Massive 720B Shopping Spree Amid
Campaign For New ATHs, Is It Time To Get In? He explained that this
is big news for Bitcoin because the flagship crypto follows the
stock market and moves significantly whenever the stock market
experiences a breakout. As such, with the stock market breaking its
ATH, he expects Bitcoin to do so soon enough. Crypto Jebb
further explained that the rationale behind Bitcoin following the
stock market is that investors are more confident in investing in
risk-on assets when they see that the risk-off (the stock market)
is doing so well. Crypto Jebb predicts that Bitcoin will
become a risk-off asset in the next ten to twenty years. When that
happens, he predicts that hundreds of billions of dollars in
investment will be made in the flagship crypto. Chart from
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