Trader predicts Bitcoin could rise by 60% if chart pattern confirms.

Bitcoin (BTC) could experience a 60% increase in value if a particular long-term chart pattern continues. Popular trader Mikybull Crypto has identified encouraging signs on the BTC/USD weekly chart in a recent analysis on June 8.

Weekly Bitcoin price chart keeps $40,000 on the table

Bitcoin has remained in a narrow trading range for almost three months, making it difficult for market participants to predict short-term price targets. There has been no decisive trend up or down, and $30,000 remains a formidable resistance overhead. However, those higher timeframes point to much more interesting price action around the corner, according to Mikybull Crypto.

He argues that the weekly chart shows BTC/USD completing and retesting an inverse head-and-shoulders pattern, which is the bullish counterpart to the standard head-and-shoulders pattern. While daily timeframes have seen a bearish head-and-shoulders pattern materialize around April’s $31,000 local highs, the broader trend may yet play out in bulls’ favor.

If the range between the head and neckline is usually the sprint, we are anticipating another 60% rally on BTC, Mikybull Crypto explained. That 60% “sprint” would place BTC/USD at around $40,000.

Casting aside rangebound “expectations”

The $40,000 mark and the nearby area are already a popular target for various traders. Fellow trader and analyst Credible Crypto predicts that $40,000 would not form the ceiling for BTC in 2023. He said, “Expectations: ‘The Bitcoin halving is in April 2024. Expect $BTC to go sideways between 20-40k for about 12 months which is when we accumulate as much Bitcoin as we can. Once the halving hits, we start our next bull run to 100k+ into 2025. WAGMI.’ Reality: BTC makes a new ATH in 2023 leaving the majority sidelined. Not everyone makes it.”

Related: US Bitcoin supply fell over 10% in the past year — Glassnode

Magazine: Bitcoin is on a collision course with ‘Net Zero’ promises

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