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

Opeyemi Sule

1 year ago

3 mins read

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The Bitcoin price has experienced a notable resurgence over the past week, drawing parallels to the optimism often associated with Holy Week among Christians. This renewed momentum has infused the entire market, leading to significant profits for other major cryptocurrencies in the last seven days.

The resurgence of the Bitcoin price seems to be at its nascent phase, with a popular crypto pundit on the X forecasting a bullish trajectory for the premier cryptocurrency over the coming days.

Bitcoin Price To Reach $75,000?

In a recent post on the X platform, Ali Martinez put forward an optimistic prediction for the price of Bitcoin. According to the crypto analyst, the premier cryptocurrency’s current price action indicates that BTC might be ready for another run to the upside.

This bullish prediction is based on the formation of an inverse head-and-shoulders chart pattern in the 30-minute timeframe. Considering the short timeframe, this projection, if it comes true, will likely play out over the next few days.

Typically, a head-and-shoulders price pattern signals a bullish-to-bearish trend reversal and indicates that an upward trend might be coming to an end. In contrast, the inverse head-and-shoulders chart formation suggests the possible reversal of a downward trend, with potential bullish movement on the horizon.

The Bitcoin price forms an inverse head-and-shoulders price pattern on the 30-minute timeframe | Source: Ali_charts/X

According to the highlighted chart above, the Bitcoin price is currently following a trend above the 200 exponential moving average (EMA). If the coin maintains its position above this moving average and manages to cross the neckline resistance at $71,580, Martinez expects the price of BTC to move further upward toward $74,760.

This almost $75,000 target would be a new all-time high for the Bitcoin price and an almost 5% move from the current price point. The current record-high price for BTC stands at around $73,700, which was set a little over two weeks ago.

BTC Price Overview

As of this writing, Bitcoin is valued at $69,875, reflecting a 0.7% price decline in the past day. While the premier cryptocurrency is back below the $70,000 level, this slight dip is not substantial enough to erase its profit over the past week.

According to data from CoinGecko, the Bitcoin price is up by nearly 10% in the last seven days. After climbing as high as $71,500 earlier in the week, BTC now trails its all-time high price by about 5%.

Nevertheless, Bitcoin still maintains its position as the largest cryptocurrency in the sector, with a market capitalization of over $1.37 trillion.

Bitcoin price hovering around the $70,000 mark on the daily timeframe | Source: BTCUSDT chart on TradingView

Featured image from iStock, chart from TradingView

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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