Recently, Crypto analyst Crypto Jebb brought attention to an inverse heads and shoulders pattern that had emerged on the Bitcoin chart. This pattern is seen as a bullish indicator that could potentially lead to another rally for the leading cryptocurrency. According to Jebb, this pattern has the potential to push Bitcoin’s price to $100,000, a significant milestone in the crypto world.
Jebb highlighted in a video on his YouTube channel that the breakout from the inverse heads and shoulders pattern could propel Bitcoin’s price to $70,000. Furthermore, he pointed out that the price target of this pattern is at $75,000, suggesting the possibility of Bitcoin hitting a new all-time high (ATH) on its next upward move. Jebb expressed a “great degree of likelihood” for a major rally that could see Bitcoin reaching $100,000, surpassing its current ATH of $73,800.
The analyst emphasized the importance of technical indicators such as the Moving Average Convergence/Divergence (MACD), which he believes is turning “very bullish” on the daily chart, indicating that the bulls are taking control. Jebb also mentioned a ‘green red green’ formation on the daily chart, signifying that Bitcoin is performing well in the market. He noted that Bitcoin’s bullish momentum is further supported by the rally in Altcoins, showing a high level of confidence in the market.
Jebb drew attention to the recent all-time high in the stock market, explaining that this development is significant for Bitcoin. He suggested that Bitcoin tends to follow the movements of the stock market closely, often experiencing significant price shifts in response to the stock market’s performance. With the stock market breaking its ATH, Jebb anticipates a similar move for Bitcoin in the near future. He believes that investors’ confidence in risk-on assets is boosted when the stock market performs well, which could lead to Bitcoin becoming a risk-off asset in the coming years.
While Jebb remains optimistic about Bitcoin’s price outlook, he also cautioned about potential scenarios where Bitcoin could trade sideways between $60,000 and $64,000, indicating a period of consolidation. In such situations, Bitcoin may even experience a decline in price. However, based on the technical indicators and market confidence highlighted by Jebb, the overall sentiment towards Bitcoin remains bullish, pointing towards a potential price surge in the future.
Crypto analyst Crypto Jebb’s analysis points towards a positive outlook for Bitcoin, with the potential for the leading cryptocurrency to reach $100,000 in the near future. Despite potential challenges and periods of consolidation, the overall sentiment in the market remains optimistic, driven by technical indicators and market confidence. With the stock market breaking its all-time high, Jebb’s prediction of Bitcoin becoming a risk-off asset further adds to the narrative of a potential price surge in the coming years.
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