After the flash-crash we witnessed earlier this week on Bitcoin, the Bitcoin price traded sideways for a bit.
This sideways move sent a lot of doubts and panic flying across the Bitcoin community, with a lot of traders doubting the continuity of the Bitcoin bull run.
I talked in-depth about this sideways move in a previous analysis titled “Warning: Bearish Divergence On Bitcoin. Crash To $9,500?”
In the article, I talked about the potential for a reversal or change in trend in the Bitcoin price. I also made a price prediction based on the breakout of this sideways movement either to the upside or downside.
How Did The Prediction Go?
Well, that prediction as played out perfectly as the Bitcoin bulls are back stronger and more determined, pushing the Bitcoin price higher.
Currently, Bitcoin as broken through and closed above the sideways channel I talked about in that analysis and is gradually getting back to that previous highs we attained before the flash crash.
This signifies that the bulls are still in full control of this market, and we can expect to see the Bitcoin price continue to push higher in the coming weeks.
However, in this Bitcoin analysis, I will be taking a step back and analyzing a very bullish larger inverse head and shoulders pattern currently forming on the Bitcoin chart. I will also be talking about my target level of $15,000 and when I believe Bitcoin will get to this level.
The Bullish Inverse Head And Shoulders Pattern
The inverse head and shoulders pattern is a very high probability trade setup I have traded and made money from on numerous occasions in the past, and I believe this current one as a high likelihood of getting to the target of $15,000.
How Long Will This Setup Take Before Reaching Target?
I believe Bitcoin will get to the $15,000 target quickly because we are currently entering into price regions with very little to no trading volume and we can expect to see the Bitcoin volatility spike in this region.
This spikes will see Bitcoin making huge leaps in price as more Bullish pressure and momentum enters into the Bitcoin market as we experienced in the 2017 bull run.
With that being said, it is also important to remember that price does not move in a straight line, so we can expect to see numerous retracements and price pullbacks all through the way to the top.
To gain more information on how to partake in this coming Bitcoin Bull run and trade this cryptocurrency, you can read my How To Trade Bitcoin Guide. You can also check my top list of Best Bitcoin Exchanges To Trade With.
If you are looking for the best cryptocurrencies to put on your watch list and trade, then check out my Top 25 Cryptocurrencies by Market Capitalization