The Bitcoin price is showing signs that it might be ready to surge again soon. Bitcoin is currently forming an inverse head and shoulder pattern after meeting the $51,381 price target we talked about in our previous analysis Bitcoin Sell-off Continues As Predicted. Watch This Level Next!
In this Bitcoin analysis, we will be talking about this inverse head and shoulder pattern as well as the bullish sceanrio that could play out for the Bitcoin price in the coming days.
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Bitcoin Ready To Surge To $60k?
Bitcoin might be getting ready to resume the bullish trend. The inverse head and shoulder pattern gives us a clear point of entry and price targets to aim for the Bitcoin bullish scenario.
This bullish price scenario can only be confirmed once we see a clear break and retest of the $52,618 horizontal resistance level. This level is very important as it serves as the neckline of the inverse head and shoulder pattern.
It is important you wait for the $52,618 horizontal resistance level break before committing to buy bitcoin stock. And the main reason for this is because there is still a very high probability that we might see the Bitcoin sell-off continue. And this bearish scenario is very likely to happen if the neckline of the inverse head and shoulder pattern continues to hold.
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We also created a video below where we talked more in-depth about the patterns developing on the Bitcoin chat as well as key fundamental factors that might affect the Bitcoin price in the coming days.
To gain more information on how to partake in this coming Bitcoin Bull run and trade this cryptocurrency, you can read my bitcoin forex trading guide. You can also check my top list of the biggest crypto exchanges to trade with.