&nbsp; 
Bitcoin (BTC) is currently trading at <a href="https://www.coingecko.com/en/coins/bitcoin">$26,605</a>, 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.

Trader Predicts 60% Bitcoin Price Surge Upon Confirmation of ‘Textbook’ Chart Pattern

CoinstelegramEng

Other articles published on Aug 17, 2023

Digital subsidiary Chicago stock exchange operator received CFTC approval to launch margin future...

EOS Rolls Out a Comprehensive Developer Onboarding Strategy

US Senator Proposes Legislation for the Establishment of a Federal Agency to Oversee AI Regulation

Shibarium Fails To Boost SHIB’s Price, Meme Coin Down 6+%

The price of bitcoin has risen above $27.5 thousand after falling to the lowest since mid-March

$SEI Price Drops by 28.14% Over the Last 24 Hours

Join our free newsletter for daily crypto updates!