Bitcoin will 'take the next step' if key trading patterns are confirmed!

Bitcoin volatility is nothing new. After we hit record highs in Bitcoin price last March, it started trending down again and occasionally tried to push the price up a bit, but then again trended downwards. However, there is no end to speculation about how much the price of Bitcoin may rise or fall in the coming months. This was revealed by a crypto trader on his Twitter account 'X'. He tweeted about this if the popular trading indicator known as the inverse head-and-shoulders pattern is confirmed, the price could see a bullish trend reversal. And in addition to seeing a bullish trend reversal, the price of Bitcoin could move forward on the next leg.

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As currently Bitcoin is trading at $64100+. However, we saw the price of Bitcoin drop a lot a few days ago and traded below $59,000. If we don't make a direct break through $67.5k then it could make sense for a reversal of the pattern below if something like this develops next month. The reason for this is that it indicates a head-and-shoulders pattern that indicates a bullish indicator and also facilitates a downward trend. And in the current market, buyers are becoming more influential in the market.

A crypto analyst claims via his tweet that the setup appears only when the price of Bitcoin forms three troughs below a so-called neckline resistance. Below the neckline resistance the middle of which is deeper than the left and right shoulders otherwise known as the head. We saw a slight rebound from the sudden Bitcoin price head to $58,614 a few days ago. And if this flow continues then it will get support around its second shoulder. And if this flow continues like this, it will then have a second shoulder like $60,000 - a key support level. And then we'll see Bitcoin move around this price again.

If the price of Bitcoin falls back to the $60,000 level, it will represent a drop of more than 5% from its current price. But the glimmer of hope is that our hope is that Bitcoin may rise above the neckline and break above its current all-time high of $73,800 by June.

However, we see the opportunity of fear and greed in the market, currently according to this indicator, the interest of buyers in the crypto market is gradually increasing. The index currently sits at a "greed" score of 69. However, there are still many traders who think that the price of Bitcoin will remain stagnant in the near term. But they don't see it as a bearish signal. But an important thing to remember here is that the longer Bitcoin consolidates, the more its price will align with the trendline. However, we have seen the price of Bitcoin break all-time highs and set new records in the last two months, and now many are seeing the price fall again. However, at last it can be said that currently the number of investors in the market is increasing with time and it is expected that this upward trend in prices will increase again very soon. And we could see a new high in the price of Bitcoin by next June.