A cryptocurrency analyst has explained the formation on Bitcoin (BTC) that could lead to an increase.
Popular analyst Jelle stood out with his post on March 22nd about Bitcoin. Looking at the current graph, he stated that Bitcoin has formed a Head and Shoulders pattern, signaling a bullish direction.
Jelle pointed out the need for a strong close above $68,000 for this formation to materialize, emphasizing that if this happens, the target will be near an all-time high level:
Bitcoin may be forming a reverse head and shoulders formation here. All you need to do is break the neckline and turn the gray box into support. If it does, the technical target will be near current all-time highs.
The H&S formation mentioned by the analyst is interpreted as a formation indicating the end of a downtrend and the beginning of an uptrend. It is often used in technical analysis and considered a reliable formation.
According to CoinGecko data, Bitcoin, which lost 6% of its value in the last 24 hours, is trading at $63,000 at the time of writing.
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