Bitcoin is trading above $64,000, showing a solid uptick of 4.3% in the last 24 hours and 3% in the past week. This surge hints at a potential end to Bitcoin’s recent corrective phase, sparking optimism among investors.
Ethereum follows suit, up by 2% in the last 24 hours, though down by 2.36% over the past seven days. Despite this, it is hovering around $2,950, which is notably promising. Binance and Solana are also rising, with gains of 5% and $151, respectively. Other altcoins, such as TON Coin, Cardano, Dogecoin, and Shiba Inu, are experiencing varying degrees of positive movement, indicating a bullish sentiment across the market.
Bitcoin Price Eyes New ATH
Crypto analyst Crypto Jebb has been tracking a significant pattern for weeks—an inverse head-and-shoulder formation. This pattern typically suggests a bullish breakout, with a target price of around $70,000. The anatomy of this pattern involves a left shoulder, a deeper head, and a right shoulder, forming a neckline. Unlike the conventional head-and-shoulders formation, this one is flipped, reversing the previous downtrend.
Drawing the price target above the current all-time high suggests the possibility of surpassing previous records. However, caution is warranted as resistance levels could impede a full-price target fulfillment. The breakout point remains uncertain, but the pattern’s completion suggests a potential upward movement shortly.
Various outcomes are conceivable post-breakout, ranging from a retest of the previous all-time high at $69,000 to a rally toward the current peak of $73,800. Alternatively, a complete fulfillment of the inverse Head and Shoulders pattern could propel Bitcoin to $75,000, surpassing previous highs and potentially signaling a broader market rally toward $100,000. The MACD on the daily chart is turning bullish, indicating a resurgence of bullish sentiment.
