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There is an exciting update for Bitcoin enthusiasts. We all know that the Bitcoin market is currently not in a good position. It has seen a 7-day drop of 7.8% and a 30-day fall of 8.75. Its current price is just $59,203.54 – far lower than its March peak point of over $73,000. A chart pattern observed by a cryptocurrency expert, identified as Elja, indicates that there is no need for Bitcoin investors to worry. Here is why. Read on!
Is Bitcoin Set to Soar?
The big question is ‘will the Bitcoin market meet a bullish trend anytime soon’. A pattern noticed by Elja tells that we don’t have to wait long to see that trend anymore. In his latest X post, Elja spoke about an inverted head and shoulders pattern he identified in the Bitcoin chart.
$BTC giant inverse head and shoulder pattern
— Elja (@Eljaboom) August 31, 2024
When this breaks out, #Bitcoin will shoot above $100K
My timeline is ATH in Q4 and $100K in Q1 2025 pic.twitter.com/tq80VGhMpC
What’s an Inverted Head and Shoulder Pattern
An inverted head and shoulder pattern is a signal that an uptrend is not too far. This pattern has three parts: a left shoulder, a head and a right shoulder. The neckline is an important element in this pattern. It is usually drawn connecting the two important peaks inside the pattern (the tops of the price rise after the left shoulder and the right shoulder). It is when the price of an asset breaks this neckline that it is regarded as the beginning of an uptrend.
Inverted Head and Shoulder Pattern & Bitcoin: What Expert Observes
The crypto expert predicted the possibility of the Bitcoin price breaking the neckline of the Inverted Head and Shoulder pattern he observed in the BTC chart. He opined that the breaking of the neckline would trigger a strong upward momentum in the price of Bitcoin. He added that the said momentum would allow the market to reach a new all-time high in the fourth quarter of 2024 and would even take the price as high as $100,000 in the first quarter of 2025.
In conclusion, the inverted head and shoulder pattern observed by the crypto expert is a strong positive signal that a crypto enthusiast can consider. So, it is important to closely watch the BTC price momentum near the neckline of the pattern.
Stay tuned to Coinpedia for more updates on interesting patterns in the Bitcoin chart!