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

We will continue to update Phone&Auto; if you have any questions or suggestions, please contact us!


Was this article helpful?

93 out of 132 found this helpful

Discover more


MicroStrategy Acquires 850 BTC: Continues Unstoppable Bitcoin Buying Spree 💸

The business intelligence firm has made a strategic investment by acquiring 31,755 bitcoins, valued at $1.25 billion,...


Elon Musk backs pro-crypto presidential candidate

Elon Musk, the world's wealthiest individual, has chosen to utilize X to express his admiration for a pro-crypto US p...


Bitcoin Struggles as “Overheated” Derivatives Mount

Bitcoin Slumps by $1,000 Overnight Due to Overheated Derivatives Markets


Bitcoin Recovery Attempt Amid ETF Speculation: What’s Next for BTC?

Bitcoin traders are eagerly anticipating the potential impact of ETF cues, yet the current BTC price has limited move...


How do you view the multi-asset narrative of Taproot Assets and Ordinals?

Original author @tmel0211 Note The original post was posted by @tmel0211 in a lengthy tweet. Brc20 is rarely mentione...


Bitcoin price projection skyrockets: BTC-Gold ratio suggests $120,000 target.

Bitcoin price has experienced a significant surge in the past week, indicating a strong bullish momentum. This positi...