Bitcoin Forms Inverse Head And Shoulders Pattern, Next Bullish Rally Imminent? | Bitcoinist.com Trending Global News

The much-awaited rally Bitcoin The uptrend could be upon us as the largest crypto asset has formed an inverted head and shoulders pattern, a bullish technical indicator, signaling a potential breakout to the upside. Given the growing market optimism and currently improving sentiment, this pattern could serve as the impetus for BTC’s next rally.

Head and Shoulders Pattern Promotes Upside Breakout for Bitcoin

Market expert and host of the Crypto Banter Show, Kyle Dopps, has said that Quoted An inverted head and shoulders formation on the Bitcoin chart, which has caught the interest of crypto enthusiasts who anticipate that the price of BTC will rise massively in the short term.

The inverted head and shoulders formation signifies the end of a downtrend. It simply means that Bitcoin is preparing for a potential price breakout to mark the complete end of the current Consolidation Phase, According to the market expert, for more than two and a half years, BTC has been forming an inverted head and shoulders pattern against the S&P 500 (SPX), which signals bullish move In the near future.

Kyle Doops pointed out that the current development of the right shoulder suggests that there has been no proper uptrend in Bitcoin in the past 3.5 years. Moreover, the returns of the leading crypto asset in relation to the SPX have not changed since 2021.

Taking these developments into account, market experts are confident about the prospects of BTC in the short and long term as they expect spread in the fourth quarter of this year, potentially igniting a “real bull run” against legacy markets.

The analyst also said Signal of Imminent price increase for Bitcoin based on short-term holder and long-term holder realized value metrics. This Metricwhich shows the average price at which different categories of holders are buying and selling BTC, reflecting the growing confidence in the market currently.

Kyle Dupps highlighted that short term holders The price has officially broken above 3 months of resistance, indicating that a surge in Bitcoin may be imminent. However, consolidation is necessary to validate this trend reversal.

Thus, the expert has highlighted the crucial support level of $62,000 for investors to keep an eye on and highlighted the rising peak to boost demand and confidence going forward in the volatile market.

Is BTC’s renewed strength waning?

Today, BTC suffered a setback that caused its price to drop from $64,000 to the $62,500 level. However, the crypto asset is slowly moving upwards, reaching the price mark of $63,800.

At the time of writing, BTC has rebounded to $63,828, marking a mere 0.07% increase over the past day. On other longer time frames such as the 7-day and 1-month timeframe, the coin has risen by approximately 2.77% and 1.48%, respectively.

Nevertheless, BTC’s trading volume market cap is displaying a worrying trend, falling by more than 17% and 0.01% respectively in the past days according to data from Coinmarketcap.

Featured image from Unsplash, chart from Tradingview.com