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Inverse Head And Shoulders Breakout Suggests Bitcoin Price Is Headed To $300,000
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Inverse Head And Shoulders Breakout Suggests Bitcoin Price Is Headed To $300,000

Scott Matherson
Scott Matherson
3 months ago
3 mins read
Bitcoin

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The Bitcoin price action is showing strong bullish signals, as a rare Inverse Head and Shoulder pattern has just broken out and retested its neckline. This technical setup suggests that Bitcoin could be gearing up for a mega rally to $300,000 soon.

Analyst Forecasts Bitcoin Price Reversal

On Monday, crypto analyst Gert van Lagen took to X (formerly Twitter) to forecast an imminent Bitcoin price surge to $300,000. The analyst presented a detailed price chart depicting the formation of an Inverse Head and Shoulder pattern, showcasing its left shoulder, head, right shoulder, and neckline. 

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Based on his analysis on X, Lagen highlights that Bitcoin has successfully broken above the neckline of this technical pattern, confirming a possible bullish reversal. Specifically, the Inverse Head and Shoulder pattern is a classic technical indicator that signals a shift from a bearish trend to a bullish trend. The left shoulder of the pattern highlights a price decline followed by a temporary recovery. The head suggests a deep drop, marking the lowest point of the trend. The right shoulder indicates a smaller decline followed by a breakout above the neckline.

Bitcoin broke above the pattern’s neckline around the $86,972 price point. Lagen has pointed out that a successful retest of this neckline could solidify Bitcoin’s bullish move. This is because, historically, once this pattern is confirmed, cryptocurrencies tend to witness significant upside momentum. 

Bitcoin
BTC gears up for a massive reversal | Source: Gert Van Lagen on X

Based on the measured move of the Inverse Head and Shoulder, Lagen predicts that Bitcoin is on track to reach $300,000 this bull cycle. This would represent a whopping 258.4% increase from its current market price. The analyst also highlights a sell line between $340,000 and $380,000; here, traders are likely to exit or take profits. 

Supporting this bullish outlook is a parabolic step-like formation on the Bitcoin price chart. Lagen revealed that this follows a series of formations from Base 1 to 4 before triggering an explosive price rally. Currently, Bitcoin has completed Base 3 and is entering its final parabolic phase. This technical formation aligns with the Elliott Wave theory that suggests that a strong Wave 5 could result in a significant price surge. 

While the analyst is confident in his $300,000 Bitcoin price projection, he warns that it could be completely invalidated if BTC drops below $72,900 in the weekly timeframe. Furthermore, a break below this threshold could signal a deeper price correction and delay the rally.

Update On BTC’s Price Analysis

While analysts remain optimistic about Bitcoin’s future outlook, the cryptocurrency experiences bearish momentum. In just 24 hours, Bitcoin lost virtually all the price gains it had accumulated since President Donald Trump announced plans for a crypto reserve.

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Bitcoin Flag Pole Pattern Puts Price At $120,000, Analyst Explains The Roadmap

4 months ago

The cryptocurrency was trading above $92,000 the previous day. However, Bitcoin has been down 9.18% in the last 24 hours and a whopping 16% over the past month, according to CoinMarketCap. This severe price decline has pushed the value of Bitcoin down to $83,699 as of writing.

Bitcoin
BTC trading at $84,033 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from Adobe Stock, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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