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<ul>
 <li>Bitcoin (BTC) may rally to $70,000 based on an inverted head-and-shoulders pattern on the daily chart¹.</li>
 <li>The pattern forms after a downtrend and signals a trend reversal.</li>
 <li>Despite recent bearish signals, Bitcoin’s long-term bullish outlook remains intact.</li>
</ul>
<p>Bitcoin might be poised for a <a href="https://cryptonewsland.com/bitcoin-claws-back-above-57k/" target="_blank" rel="noopener noreferrer nofollow">surprising</a><a href="https://cryptonewsland.com/bitcoin-claws-back-above-57k/" rel="noopener noreferrer nofollow"> turnaround</a> despite recent bearish signals. Technical analysts suggest that the BTC could defy the odds and rally beyond $70K in the coming days.</p>
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> is suffering from two bearish signal – Double Top and 10/20 SMA Death Cross <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2620.png" alt="☠" class="wp-smiley" style="height: 1em; max-height: 1em;"><br>However, this combination triggered <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> to ride HIGHER in Oct 2023 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"><br>This bearish combination is so BULLISH <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f680.png" alt="🚀" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/eqsNuOyw1d" rel="noopener noreferrer nofollow">pic.twitter.com/eqsNuOyw1d</a></p>— Trader Tardigrade (@TATrader_Alan) <a href="https://twitter.com/TATrader_Alan/status/1809555154712293579?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 6, 2024</a>
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<p>The key factor driving <a href="https://cryptonewsland.com/german-government-surprises-market-with-1915/" rel="noopener noreferrer nofollow">Bitcoin’s </a><a href="https://cryptonewsland.com/german-government-surprises-market-with-1915/" target="_blank" rel="noopener noreferrer nofollow">bullish</a><a href="https://cryptonewsland.com/german-government-surprises-market-with-1915/" rel="noopener noreferrer nofollow"> outlook</a> is an inverted head-and-shoulders pattern on the daily chart. This pattern typically forms after a downtrend and signals a potential trend reversal.&nbsp;</p>
<p>In BTC’s case, the pattern consists of three price troughs, with the middle one being the deepest. A potential leading to $70,000 could be confirmed if the price of Bitcoin surpasses $65,000.</p>
<p>On Friday, Investors were closely watching the release of the <a href="https://tradingeconomics.com/united-states/non-farm-payrolls" rel="noopener noreferrer nofollow">Non-farm </a><a href="https://tradingeconomics.com/united-states/non-farm-payrolls" target="_blank" rel="noopener noreferrer nofollow">payrolls</a><a href="https://tradingeconomics.com/united-states/non-farm-payrolls" rel="noopener noreferrer nofollow"> report</a> scheduled for release. Economists estimate that the economy added over 100,000 jobs in June, nearly matching May’s gains.&nbsp;</p>
<p>A weaker-than-expected report could strengthen the case for Federal Reserve rate cuts, which could further boost risk assets, including cryptocurrencies.</p>
<p>Additionally, Bitcoin’s long-term bullish outlook remains intact.&nbsp;</p>
<p>BTC is still within a flag pattern despite recent declines. Plus the coin days destroyed over the past 90 days have been low. This signals that investors still have confidence in BTC.&nbsp;</p>
<p>The 90-day MVRV Ratio also supports the positive outlook, positioning Bitcoin in the opportunity zone. There’s still hope for bulls although the market sentiment is bearish.&nbsp;</p>
<p>A bullish breakout could be triggered as long as Bitcoin stays above the crucial 200-day moving average and trading volumes surge.The seemingly bearish signals may not be the end of the story for <a href="https://bitcoin.org/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a>.&nbsp;</p>
<p>The market’s resilience and technical patterns suggest that a bullish surprise could be in store. An upsurge could potentially propel the price of BTC to a new ATH.</p>
<h4 class="wp-block-heading" id="h-read-also">Read Also&nbsp;</h4>
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 <li><a href="https://cryptonewsland.com/can-ethereum-price-be-100k-by-2030/" rel="noopener noreferrer nofollow">Can Ethereum Price be $100K by 2030?</a></li>
 <li><a href="https://cryptonewsland.com/bitcoin-to-break-100k-analysts-share-surprising-price-predictions/" rel="noopener noreferrer nofollow">Bitcoin to Break $100k? Analysts Share Surprising Price Predictions</a></li>
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</ul>
<p>The post <a href="https://cryptonewsland.com/bitcoins-bearish-outlook-could-be-bullish-after-all-100000-on-the-horizon/" rel="noopener noreferrer nofollow">Bitcoin’s Bearish Outlook Could be Bullish After All, $100,000 on the Horizon?</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Bitcoin’s Bearish Outlook Could be Bullish After All, $100,000 on the Horizon?

Crypto News Land

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