Bitcoin Successfully Retests Bullish Megaphone Pattern – Is A Breakout Imminent?
Main Idea
Bitcoin (BTC) is showing signs of a potential bullish breakout, with analysts highlighting key technical patterns and market dynamics that could drive its price upward.
Key Points
1. Bitcoin recently retested a bullish megaphone pattern, suggesting a potential breakout to the upside if resistance levels are broken.
2. Analysts predict that a decisive breakout above $112,000 could propel BTC into a higher price range, with some projecting targets up to $240,000.
3. Over $30 million in short positions could be liquidated if BTC surges past $111,000, potentially triggering a short squeeze and rapid price increase.
4. Despite short-term losses, BTC's long-term technical indicators, such as the three-year trendline, suggest continued upward momentum.
5. At press time, BTC was trading at $107,701, down 1.6% over 24 hours, but analysts remain optimistic about its future price movement.
Description
Although Bitcoin (BTC) has recorded slight losses over the past 24 hours – following strong US employment data – the top cryptocurrency’s overall structure remains overwhelmingly bullish, promising new highs in the near term. Bitcoin Retests Bullish Megaphone Pattern According to an X post by crypto analyst Mister Crypto, BTC recently completed a successful retest of a bullish megaphone pattern. The analyst shared the following chart, suggesting that BTC may finally be ready for a breakout to a ...
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