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<p>Bitcoin’s remarkable start to 2024 continued this past week, bouncing a further 13% to close back above the crucial $46,000 level. The weekly close represents a clear technical breakout that has analysts calling for an extended Bitcoin bull run targeting $77,000 in the coming months.</p>
<h2 class="wp-block-heading" id="inverted-head-and-shoulders-breakout-backs-uptrend">Inverted Head and Shoulders Breakout Backs Uptrend</h2>
<p>According to Coinpedia’s latest BTC technical analysis, Bitcoin has triggered a textbook inverted head and shoulders pattern with a break above $46,000. Typically considered a trend reversal formation, the successful neckline breakout backs the notion that Bitcoin is gearing up for its next major rally.</p>
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<p>The measured move target based on the inverted H&amp;S points is <strong>$77,000</strong>, which would represent a nearly 60% gain from the breakout point. With Bitcoin still roughly 65% below last cycle’s peak, a run to $77K would go a long way towards validating that a new bull market is underway.</p>
<p>Adding to the bullish confluence is the MACD indicator holding in positive territory on Bitcoin’s weekly time frame. The strong momentum suggests a limited risk of a bullish trend failure as long as the weekly MACD can avoid a bearish crossover.</p>
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<h2 class="wp-block-heading" id="pre-halving-rally-kicks-off">Pre-Halving Rally Kicks Off</h2>
<p>Fundamentally backing the upside breakout, Bitcoin has commenced the one-year period leading up to its next halving event in early 2024. Historically, the four-year halving cycle triggers immense FOMO and price appreciation in the 12 months before the supply cut.</p>
<p>With expectations growing around a push to $100K and beyond following the upcoming halving, speculators, investors, and network optimists have responded emphatically to start the year.&nbsp;</p>
<p>With both technical and fundamental tailwinds now firmly supporting prices, the door looks open for BTC to reclaim its former high in 2024.</p>
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<p>The post <a href="https://captainaltcoin.com/bitcoin-btc-eyes-60-gain-if-this-pattern-breakout-confirms-uptrend/" rel="noopener noreferrer nofollow">Bitcoin (BTC) Eyes 60% Gain If This Pattern Breakout Confirms Uptrend</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Bitcoin (BTC) Eyes 60% Gain If This Pattern Breakout Confirms Uptrend

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