Bitcoin Price Could Rise 60% as ‘Textbook’ Chart Pattern Confirms – Trader

Bitcoin (BTC) could rise 60% if a long-term chart function remains intact.

In part of being latest analysis on June 8, popular trader Mikybull Crypto marked encouraging signals on the BTC/USD weekly chart.

Weekly Bitcoin price chart keeps $40,000 on the table

With Bitcoin still wedged in a narrow trading range it entered nearly three months ago, market participants have little to do when it comes to short-term price targets.

Daily performance hasn’t yielded a decisive trend up or down – and $30,000 remains a formidable resistance overhead.

“The market is still in the same position as it has been in recent days. Don’t let yourself be cut into pieces, make some extreme bids and wait and see”, trader Jelle suggested in advice now typical of the current market perspective.

“Stay focused on the direction of the higher time frame.”

However, for Mikybull Crypto, those higher time frames point to much more interest rate price action just around the corner.

The weekly chart, he argued, shows that BTC/USD is completing an inverted head-shoulder pattern and is now testing again.

This is the bullish counterpart to the standard head and shoulders – a pattern that shows resistance being cemented and typically followed by a downtrend.

While daily time frames have seen that head-and-shoulders form manifest around the local highs of $31,000 in April, the broader trend could still swing in favor of the bulls.

“Bitcoin flashes head and shoulders in a textbook on the weekly TF. Price is currently retesting the neckline after the breakout,” Mikybull explained to Crypto.

“As learned, if the range between the head and neckline is mostly the sprint, we expect another 60% rally on BTC.”

That 60% “sprint” would place BTC/USD at around $40,000.

Aside from range-bound “expectations”

In fact, the $40,000 mark and its close range is already a popular target for several traders.

Related: US Bitcoin supply fell more than 10% in the past year – Glassnode

Crypto Kaleo has continued to be described as a “magnet” for the market at $40,000, while Bitcoin price has maintained key supporting trendlines over the three months.

Meanwhile, fellow trader and analyst Credible Crypto said in a forecast this week that $40,000 would not be the cap for BTC in 2023.

Expectations: ‘Bitcoin halving is in April 2024. Expect $BTC to move sideways between 20-40k for about 12 months during which we collect as much Bitcoin as possible. Once the halving hits, we will begin our next bull run to 100k+ in 2025. WAGMI, ”he told followers.

“Reality: BTC will make another ATH in 2023, sidelining the majority. Not everyone will make it.”

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This article does not contain any investment advice or recommendations. Every investment and trading move involves risk and readers should do their own research when making a decision.