Can This Bullish Chart Pattern Propel Bitcoin Price To $75,000?

Over the past week, Bitcoin‘s price has seen a remarkable comeback, reminiscent of the hope and anticipation felt during Holy Week by Christians. This revived energy has spread throughout the crypto market, resulting in substantial gains for other leading cryptocurrencies within the last seven days.

The price of Bitcoin is starting to bounce back, according to some cryptocurrency experts. One well-known analyst on platform X predicts that Bitcoin will continue to rise in value over the next few days.

Bitcoin Price To Reach $75,000?

Recently on the X platform, Ali Martinez shared a hopeful forecast about Bitcoin’s price. Based on his analysis of Bitcoin’s current market behavior, Martinez believes that another price increase could be imminent for the leading cryptocurrency.

Based on the development of an inverse head-and-shoulders chart pattern within the last 30 minutes, I’m optimistically anticipating this trend to continue. Given the brief timeframe, any potential outcomes should unfold in the coming days.

Normally, a head-and-shoulders pattern in stock prices is a sign that a bullish-to-bearish trend shift may be occurring, suggesting that an uptrend could be nearing its end. On the other hand, an inverse head-and-shoulders chart formation hints at the potential reversal of a downtrend, implying that a bullish market movement might follow.

Can This Bullish Chart Pattern Propel Bitcoin Price To $75,000?

Based on the chart’s indication, Bitcoin’s price is now higher than its 200 EMA. This trend could continue if Bitcoin stays above this moving average and surmounts the resistance at $71,580. If it does, Martinez projects that Bitcoin’s price may rise towards $74,760.

Reaching nearly $75,000 would mark a new peak and approximately a 5% increase for Bitcoin’s price, surpassing its current record-high of about $73,700 established roughly two weeks prior.

BTC Price Overview

At present, Bitcoin is worth $69,875. This represents a 0.7% decrease in value over the last 24 hours. Although Bitcoin has dropped below $70,000 once more, this minor price drop does not significantly impact its weekly earnings.

Based on information from CoinGecko, Bitcoin’s price has increased by almost 10% over the past week. It reached a peak of around $71,500 during the earlier part of the week, but currently falls approximately 5% short of its all-time high value.

Despite this, Bitcoin remains the leading cryptocurrency in terms of market value, boasting a capitalization exceeding $1.37 trillion.

Can This Bullish Chart Pattern Propel Bitcoin Price To $75,000?

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2024-03-30 14:29