Crypto analyst Crypto Jebb has spotted an inverse head and shoulders pattern on the Bitcoin chart, signaling a potential surge in price.
The Pattern and Its Implications
The inverse head and shoulders pattern suggests that Bitcoin could break out and reach $70,000. The pattern’s target price is $75,000, indicating a new all-time high.
Likelihood of a Rally
Crypto Jebb believes there’s a high probability of a major rally, potentially pushing Bitcoin to $100,000. He notes that Bitcoin has experienced a significant correction since its previous all-time high.
Potential Consolidation
While a rally is likely, there’s also a possibility of sideways trading between $60,000 and $64,000, indicating consolidation. However, the overall outlook remains bullish.
Bullish Indicators
Crypto Jebb highlights the Moving Average Convergence/Divergence (MACD) indicator, which is turning bullish on the daily chart. He also observes a “green red green” formation, suggesting strong momentum.
Altcoin Rally and Stock Market Influence
The analyst notes that the current rally in Altcoins and the recent all-time high in the stock market indicate increased market confidence. Bitcoin tends to follow the stock market, so a breakout in the stock market could positively impact Bitcoin’s price.
Bitcoin as a Risk-Off Asset
Crypto Jebb predicts that Bitcoin will evolve into a risk-off asset in the future, attracting significant investment and further boosting its value.
