Bitcoin price can gain 60% if 'textbook' chart pattern confirms — Trader
Bitcoin (BTC) may be in line for 60% upside if a long-term chart feature stays intact.
In part of his latest analysis on June 8, popular trader Mikybull Crypto flagged encouraging signs on the BTC/USD weekly chart.
With Bitcoin still wedged in a narrow trading range it entered almost three months ago, market participants have little to go on when it comes to short-term price targets.
Day-to-day performance has offered no decisive trend up or down — and $30,000 remains formidable resistance overhead.
“The market is still in the same position it has been the past few days. Don't get chopped up, place some bids at the extremes and wait,” trader Jelle suggested in advice now typical of the current market perspective.
For Mikybull Crypto, however, those higher timeframes point to some much more interest price action around the corner.
The weekly chart, he argued, shows BTC/USD completing and now retesting an inverse head and shoulders pattern.
This is the bullish counterpart to the standard head and shoulders — a pattern that shows resistance being cemented and which is typically followed by downside.
While daily timeframes have seen that form of head and shoulders materialize around April’s $31,000 local highs, the broader trend may yet play out in bulls’ favor.
“Bitcoin is flashing a text book inverse head and shoulders on the weekly TF. Price is currently retesting the Neckline after the breakout,” Mikybull Crypto explained.
That 60% “sprint” would place BTC/USD at around $40,000.
The $40,000 mark and the nearby area is in fact already a popular target for various traders.
Related: US Bitcoin supply fell over 10% in the past year — Glassnode
Crypto Kaleo has continued to describe $40,000 as a "magnet" for the market, while
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