Crypto analyst Crypto Jebb recently highlighted an inverse head and shoulders pattern that had formed on the Bitcoin chart. This bullish pattern indicates that there may be another rally on the horizon for the flagship crypto, which could drive its price price to $100,000.
How can Bitcoin rise to $100,000?
Crypto Jebb revealed in a video on his YouTube channel that the inverted head-and-shoulders pattern he had been predicting for some time had finally emerged on the charts. He predicts that this pattern could lead to a price breakout. pushing the price of Bitcoin to $70,000. The analyst also noted that the bullish pattern’s price target is $75,000, suggesting Bitcoin could bottom out. new all-time record (ATH) on its next leg up.
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Crypto Jebb said there is a “high degree of probability” that Bitcoin would see a major rally, which it would send it to $100,000 Should it break its current ATH of $73,800. The crypto analyst believes that Bitcoin’s rise to that price level is very likely, given that it has seen a “pretty large corrective move” since hitting a new ATH more than two months ago.
The crypto analyst warned that there is a scenario in which Bitcoin could also end up trading sideways between $60,000 and $64,000, which would indicate a period of consolidation. He noted that Bitcoin could even fall lower during this period. However, Bitcoin’s prospects are generally bullish, based on the technical indicators that crypto Jebb highlighted.
The analyst emphasized the Moving average convergence/divergence (MACD), which he noted is becoming “very bullish” on the daily chart and shows the bulls regaining control. He also claimed that Bitcoin is witnessing a ‘green red green’ formation on the daily chart, indicating that the crypto token is ‘doing very well’.
BTC is in “very bullish territory
Crypto Jebb said that Bitcoin is currently in very bullish territory, especially since Altcoins are also rising. He claims this indicates a “high degree of confidence” in the market at the moment. The crypto analyst also noted that the stock market just hit an all-time high, which he believes is big news for Bitcoin.
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He explained that this is big news for Bitcoin because the flagship crypto the scholarship and moves significantly when the stock market experiences a breakout. With the stock market breaking its ATH, he expects Bitcoin to do so soon enough.
Crypto Jebb further explained the rationale behind it Bitcoin follows the stock market is that investors have more confidence in investing in risk-on assets when they see the risk-off (the stock market) doing so well.
Crypto Jebb predicts Bitcoin will become a risky asset in the next ten to twenty years. When that happens, he predicts hundreds of billions of dollars in investments will be made into the flagship crypto.
Chart from Tradingview.com