Can This Bullish Chart Pattern Propel Bitcoin Price To $75,000?
30 Marzo 2024 - 12:05PM
NEWSBTC
The Bitcoin price has experienced a notable resurgence over the
past week, drawing parallels to the optimism often associated with
Holy Week among Christians. This renewed momentum has infused the
entire market, leading to significant profits for other major
cryptocurrencies in the last seven days. The resurgence of the
Bitcoin price seems to be at its nascent phase, with a popular
crypto pundit on the X forecasting a bullish trajectory for the
premier cryptocurrency over the coming days. Bitcoin Price To Reach
$75,000? In a recent post on the X platform, Ali Martinez put
forward an optimistic prediction for the price of Bitcoin.
According to the crypto analyst, the premier cryptocurrency’s
current price action indicates that BTC might be ready for another
run to the upside. Related Reading: Dogwifhat (WIF) Flips PEPE As
The 3rd Largest Memecoin After Hitting $4 This bullish prediction
is based on the formation of an inverse head-and-shoulders chart
pattern in the 30-minute timeframe. Considering the short
timeframe, this projection, if it comes true, will likely play out
over the next few days. Typically, a head-and-shoulders price
pattern signals a bullish-to-bearish trend reversal and indicates
that an upward trend might be coming to an end. In contrast, the
inverse head-and-shoulders chart formation suggests the possible
reversal of a downward trend, with potential bullish movement on
the horizon. The Bitcoin price forms an inverse head-and-shoulders
price pattern on the 30-minute timeframe | Source: Ali_charts/X
According to the highlighted chart above, the Bitcoin price is
currently following a trend above the 200 exponential moving
average (EMA). If the coin maintains its position above this moving
average and manages to cross the neckline resistance at $71,580,
Martinez expects the price of BTC to move further upward toward
$74,760. This almost $75,000 target would be a new all-time
high for the Bitcoin price and an almost 5% move from the current
price point. The current record-high price for BTC stands at around
$73,700, which was set a little over two weeks ago. BTC Price
Overview As of this writing, Bitcoin is valued at $69,875,
reflecting a 0.7% price decline in the past day. While the premier
cryptocurrency is back below the $70,000 level, this slight dip is
not substantial enough to erase its profit over the past week.
Related Reading: Crypto Analyst Predicts 600%-1000% Return For XRP,
Here’s The Target According to data from CoinGecko, the Bitcoin
price is up by nearly 10% in the last seven days. After climbing as
high as $71,500 earlier in the week, BTC now trails its all-time
high price by about 5%. Nevertheless, Bitcoin still maintains its
position as the largest cryptocurrency in the sector, with a market
capitalization of over $1.37 trillion. Bitcoin price hovering
around the $70,000 mark on the daily timeframe | Source: BTCUSDT
chart on TradingView Featured image from iStock, chart from
TradingView
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