Bitcoin is going to $70,000, according to an acclaimed cryptocurrency trader and technical analyst identified as Mags on X (formerly Twitter). Mags drew his conclusion using an inverted Bitcoin chart to analyze an established ‘Head and Shoulders’ pattern. According to Mags, Bitcoin’s price is currently at the neckline of the established pattern.
#Bitcoin is going to $70,000 ??— Mags (@thescalpingpro) October 13, 2023
BTC is forming a massive Head and Shoulder pattern on the inverted chart price is currently testing the Neckline
The Technical target of the pattern, if measured from the neckline, is around $70,000 pic.twitter.com/owLPorGK5j
Mags’ prediction comes amid a complicated period for Bitcoin when the flagship cryptocurrency dropped below significant support at $27,000. Bitcoin broke below $27,000 for the first time in October two days ago, following three previous bearish candles on the daily chart.
The current Bitcoin price condition has injected some skepticism among several users, leaving them in doubt over the pioneer crypto’s ability to achieve new heights soon.
One such user, identified as Sergey Stolyarov on X, watered down Mags’ analysis, considering it a pattern of minimal significance. According to Stolyarov, the current Bitcoin chart pattern is not a ‘Head and Shoulders’ just by construction, let alone structural reasons. He said such shapes can be drawn on any part of the Bitcoin chart and at any time.
Resham Singh, another Bitcoin user on X, appreciated Mags’ analysis, considering it impressive. Singh appeared to agree with Mags’ projection, noting that it would represent a significant milestone for Bitcoin if it plays out.
Bitcoin’s price has exhibited a rollercoaster behavior in 2023. It began the year by surging above $20,000 and rallying nearly 90% in less than four months. The upward movement halted following several macroeconomic and regulatory challenges despite general anticipation of a bull run ahead of an upcoming halving event.
Bitcoin traded for $26,816 at the time of writing, representing an overall gain of 64% in 2023. However, most users believe there is more upside potential for the pioneer cryptocurrency, considering it is still some distance away from its all-time high and the potential impact of the upcoming Bitcoin halving in 2024.
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