2024

Bitcoin

Polygon

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 <p class="paragraph">Bitcoin (BTC) continues to cling to the $67,000 mark, with bears and bulls failing to push the maiden cryptocurrency’s price in either direction significantly.</p>
 <p class="paragraph">Amid the standoff, crypto trading expert <em>TradingShot</em> has pointed out that chart patterns indicate a possible explosive Bitcoin price breakout.</p>
 <p class="paragraph">In a <em>TradingView</em> post on May 31, the expert noted that Bitcoin is on the verge of completing the right shoulder of the inverse head and shoulders (IH&amp;S) pattern, a bullish indicator that emerged following the cryptocurrency’s all-time high on March 14.</p>
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 <figure class="wp-block-image aligncenter size-large"><img decoding="async" width="1024" height="563" src="https://cdn.thebittimes.com/images/2024/06/01/d29a68d38e4781ad4c905975a4a9350e.webp" alt="" class="wp-image-179942" srcset="https://cdn.thebittimes.com/images/2024/06/01/d29a68d38e4781ad4c905975a4a9350e.webp 1024w, https://cdn.thebittimes.com/images/2024/06/01/d29a68d38e4781ad4c905975a4a9350e.webp 300w, https://cdn.thebittimes.com/images/2024/06/01/d29a68d38e4781ad4c905975a4a9350e.webp 768w, https://cdn.thebittimes.com/images/2024/06/01/d29a68d38e4781ad4c905975a4a9350e.webp 1105w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin price analysis chart. Source: TradingView/ TradingShot</em>
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 <p class="paragraph">The IH&amp;S pattern, a well-known bullish reversal formation, suggests a shift from a downtrend to an uptrend. The formation comprises three parts: the left shoulder, the head, and the right shoulder. Therefore, completing the right shoulder signals the potential start of a significant upward move.&nbsp;</p>
 <p class="paragraph">Additionally, the current <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> movement is contained within an upward channel. This “Channel Up” <a rel="noopener noreferrer nofollow" title="pattern" href="https://thebittimes.com/tag/pattern.html">pattern</a> has shown a previous bullish leg peaking at 19.50%, followed by two bearish legs of approximately -8% each, reinforcing the structural symmetry in Bitcoin’s <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> movements.</p>
 <h2 class="wp-block-heading" id="h-support-zones-resilience-nbsp">Support zones resilience&nbsp;</h2>
 <p class="paragraph">The <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> also highlighted distinct support and resistance zones within the IH&amp;S <a rel="noopener noreferrer nofollow" title="pattern" href="https://thebittimes.com/tag/pattern.html">pattern</a>. Support zone one has demonstrated resilience, holding firm twice since May 23. This suggests a strong buying interest at this <a rel="noopener noreferrer nofollow" title="level" href="https://thebittimes.com/tag/level.html">level</a>, providing a foundation for the anticipated bullish move.</p>
 <p class="paragraph">At the same time, the analyst noted that the 50-day moving average is another critical indicator. As long as Bitcoin’s price remains above this moving average, the bullish trend is expected to persist, likely culminating in a price near the $80,000 level.</p>
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  <p class="paragraph">“As a result, as long as it holds along with the 1D MA50, the trend remains bullish, and the IH&amp;S technical dynamics target the 2.0 Fibonacci extension at $89,000. However, we keep at the moment a shorter term perspective, and before 89k, we will aim at $79,500, which would be a +19.50% rise, similar to the Channel’s previous Bullish Leg,” the expert said.&nbsp;</p>
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 <h2 class="wp-block-heading" id="h-bitcoin-s-failed-attempt-towards-70-000">Bitcoin’s failed attempt towards $70,000</h2>
 <p class="paragraph">It’s worth noting that Bitcoin returned to trading above the $67,000 level after a failed attempt to reclaim the $70,000 mark in the last 24 hours. Notably, Bitcoin rose to $69,000 on May 31 but failed to hold that position.</p>
 <p class="paragraph">The surge receded after the latest United States gross domestic product data reached 1.3% for the first three months annually, missing the forecast of 1.6%. The data implied that American consumers spent less, casting uncertainty over the future of the U.S. economy.</p>
 <p class="paragraph">Indeed, Bitcoin also corrected amid a hacking incident that affected the Japanese cryptocurrency exchange DMM Bitcoin, which lost over $300 million worth of Bitcoin.&nbsp;</p>
 <p class="paragraph">Amid the current Bitcoin price movement, Michaël van de Poppe, founder and CEO of <em>MNTrading</em>, noted that the market is in equilibrium and investors should watch the crucial level of $66,000.</p>
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    <p lang="en" dir="ltr">#Bitcoin is consolidating nicely here. <br><br>The markets are in an equilibrium and slowly waking up for further upward momentum.<br><br>Crucial area to hold at $66K. pic.twitter.com/5LhyjmM1VR</p>— Michaël van de Poppe (@CryptoMichNL) June 1, 2024
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 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin price analysis</h2>
 <p class="paragraph">At the time of writing, Bitcoin was trading at $67,620, having corrected by about 0.80% in the last 24 hours. On the weekly chart, Bitcoin is down over 2%.</p>
 <figure class="wp-block-image aligncenter size-full"><img decoding="async" width="675" height="550" src="https://cdn.thebittimes.com/images/2024/06/01/afdac2a06495fb27c83e75c6810eb4b0.webp" alt="" class="wp-image-179944" srcset="https://cdn.thebittimes.com/images/2024/06/01/afdac2a06495fb27c83e75c6810eb4b0.webp 675w, https://cdn.thebittimes.com/images/2024/06/01/afdac2a06495fb27c83e75c6810eb4b0.webp 300w" sizes="(max-width: 675px) 100vw, 675px">
  <figcaption class="wp-element-caption"><em>Bitcoin seven-day price chart. Source: Finbold</em>
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 <p class="paragraph">Overall, amid expert projections, investors will hope Bitcoin’s next price action aligns with the bullish post-halving rally.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em>&nbsp;The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-price-explosion-chart-patterns-identify-explosive-btc-levels-to-watch-tbt90842.html">https://thebittimes.com/bitcoin-price-explosion-chart-patterns-identify-explosive-btc-levels-to-watch-tbt90842.html</a></p>

Bitcoin price explosion: Chart patterns identify explosive BTC levels to watch

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