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Cryptocurrency traders are eyeing a potential bullish reversal for Bitcoin, with analysts suggesting that validating an inverse head and shoulders pattern could 'propel the next leg up' for the leading cryptocurrency. According to experts, Bitcoin's price trajectory could hinge on its ability to confirm this critical trading signal.
Analysts Eye Potential Bullish Reversal for Bitcoin with Inverse Head-and-Shoulders Pattern Confirmation
According to a crypto trader (via Cointelegraph), if the popular trading signal known as the inverse head-and-shoulders pattern is validated, Bitcoin's price might witness a bullish trend reversal and "propel the next leg up."
"If we don't break straight through $67.5k, then something like this forming over the next month would make sense for a bottom pattern reversal," crypto trader Matthew Hyland wrote in a May 4 post on X.
He's referring to the inverse head and shoulders pattern, a bullish indicator indicating the downturn is slowing, and buyers are gaining market control.
"It would be a great setup to propel the next leg up," he declared.
Although Bitcoin must remain above its short-term holding price of $59,500 to "maintain its bullish trend," pseudonymous crypto analyst and co-founder of CMCC Crest Willy Woo warned his 1.1 million X followers on May 3.
The setup occurs when Bitcoin's price creates three troughs below a so-called neckline resistance, with the middle trough — also known as the head — being more profound than the left and right shoulders.
Bitcoin's price has somewhat recovered from the "head" at $58,614 on May 1. If the pattern continues as Hyland's model predicts, it will find support around its second shoulder, at $60,000, a critical support level.
According to CoinMarketCap, a 5% drop from the current price of $63,350 would result in the liquidation of $530 million in long positions.
According to Hyland's model, Bitcoin might rise above the neckline and surpass its current all-time high of $73,800 by June.
Fear and Greed Index Shows Rising Buyer Interest in Cryptocurrency Market Amidst Bitcoin Price Stability
The Fear and Greed Index indicates buyer interest in the cryptocurrency market is gradually expanding. The index currently has a "Greed" score of 69, a significant improvement from three days ago when it showed "Fear" with a score of 43.
Meanwhile, other traders expect Bitcoin's price to remain stable shortly, although this does not always indicate a pessimistic trend.
"The longer the Bitcoin consolidation takes, the higher its price will meet the trendline," remarked crypto trader Titan of Crypto.
"Bitcoin's previous cycle all-time highs tend to slow down the price and make Bitcoin stall for some weeks," pseudonymous crypto trader Daan Crypto Traders warned his X followers in a May 4 post.
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