Bitcoin (BTC) is currently trading at $26,605, and according to a popular trader named Mikybull Crypto, it may be poised for a significant upside of 60% if a particular long-term chart pattern holds true. Mikybull Crypto’s analysis, shared on June 8, highlights encouraging signs on the BTC/USD weekly chart.
While Bitcoin has been trading within a narrow range for almost three months, making short-term price targets difficult to determine, the weekly chart is showing potential bullish indications. Mikybull Crypto points out that BTC/USD has completed and is now retesting an inverse head-and-shoulders pattern, which is typically a bullish pattern. This formation suggests a breakout and potentially paves the way for further upward movement.
The recent bearish head-and-shoulders pattern observed on the daily timeframes around the $31,000 level in April may be overshadowed by the broader trend favoring the bulls. Mikybull Crypto explains that if the inverse head-and-shoulders pattern on the weekly timeframe follows the typical behavior, there could be a 60% rally in BTC, bringing the price to approximately $40,000.
Interestingly, the $40,000 level is already a target that other traders have identified. Crypto Kaleo has referred to it as a “magnet” for the market, and various support trend lines have held strong throughout the three-month trading range.
Another trader and analyst named Credible Crypto has a similar outlook, stating that $40,000 will not be the ceiling for BTC in 2023. They anticipate Bitcoin to trade sideways between $20,000 and $40,000 for about a year until the Bitcoin halving in April 2024, after which they expect a new bull run that could potentially push the price beyond $100,000 by 2025.
To summarize, according to Mikybull Crypto’s analysis, if the inverse head-and-shoulders pattern on the weekly chart confirms, Bitcoin could experience a 60% rally, reaching around $40,000. This prediction aligns with other traders’ views who also see the $40,000 level as a significant target. However, it’s important to remember that cryptocurrency markets are highly volatile, and price predictions are speculative and subject to change based on various factors.