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He Bitcoin price action He is showing strong bullish signs, since a strange head and shoulder pattern has just exploded and try his neckline again. This technical configuration suggests that Bitcoin could be preparing for a Mega Rally at $ 300,000 soon.
Analyst forecasts Bitcoin’s price investment
On Monday, cryptographic analyst Gert Van Lagen took X (previously Twitter) to forecast An imminent bitcoin price increases to $ 300,000. The analyst presented a detailed price table that represents the Formation of an inverse head and shoulder patternShowing his left shoulder, head, right shoulder and neckline.
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Based on its analysis in X, Lagen emphasizes that Bitcoin has successfully broken over the neckline of this technical pattern, confirming a possible Alcista investment. Specifically, the reverse pattern of the head and shoulder is a classical technical indicator that indicates a change of a bassist tendency to an upward trend. The left shoulder of the pattern highlights a price decrease followed by a temporary recovery. The head suggests a deep fall, which marks the lowest point of the trend. The right shoulder indicates a smaller decrease in a followed by a break over the neckline.
Bitcoin broke above the pattern’s neckline around the price of $ 86,972. Lagen has pointed out that a new successful test of this neckline could solidify Bitcoin’s upward movement. This is because, historically, once this pattern is confirmed, cryptocurrencies tend to witness a significant ascending impulse.
Based on the measured movement of the head and the shoulder inverse, Lagen predicts that Bitcoin is on the way to reach $ 300,000 This bull cycle. This would represent a huge increase of 258.4% compared to its current market price. The analyst also highlights a sales line between $ 340,000 and $ 380,000; Here, merchants are likely to leave or get profits.
Supporting this upward perspective is a parabolic formation in the form of passage in the Bitcoin pricing table. Lagen revealed that this follows a series of formations of base 1 to 4 before triggering an explosive price rally. Currently, Bitcoin has completed base 3 and is entering its final parabolic phase. This technical training is aligned with the Elliott’s wave theory That suggests that a Strong wave 5 It could result in a significant increase in prices.
While the analyst trusts his Bitcoin pricing projection of $ 300,000, he warns that it could be completely invalidated If BTC falls below $ 72,900 within the weekly term. In addition, a break below this threshold could indicate a Deeper prices correction and delay the rally.
Update on BTC price analysis
While analysts are still optimistic about Bitcoin’s future perspective, cryptocurrency Dowardly moment experiences. In just 24 hours, Bitcoin lost virtually all price earnings he had accumulated since President Donald Trump announced Plans for an encryption reserve.
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The cryptocurrency was quoted above $ 92,000 the day before. However, Bitcoin has been down 9.18% in the last 24 hours and a a whopping 16% during the last month, according to Coinmarketcap. This serious price decrease has driven the value of Bitcoin to $ 83,699 from writing.
Outstanding image of Adobe Stock, TrainingView.com box
