Fintech
The analyst identifies two scenarios for Bitcoin: $75,000 or $47,000
Crypto analyst Crypto Jebb has identified a significant chart pattern on Bitcoin that could potentially push its price to $75,000. In a recent video, Jebb argues the emergence of an inverse Head and Shoulders pattern, signaling a possible rally for the leading cryptocurrency.
The inverse Head and Shoulders pattern, according to Jebb, presents a bullish outlook for the price of Bitcoin. Starting from the head of the pattern to the shoulder line, Jebb extrapolates a price target of $75,000. He explains it if Bitcoin should it fall back to $60,000, forming the right shoulder of the pattern, a subsequent rebound could start a major uptrend.
He said that in the scenario where Bitcoin fails to undergo the expected rally and instead falls to price levels as low as $47,000, it would give investors more time to allocate funds into assets ripe for long-term appreciation. Using Bitcoin as an example, he expressed confidence that it will likely be worth much more in the future, regardless of short-term price fluctuations.
“I think Bitcoin is going to need a major corrective move and I think $47,000 is very, very, very in the cards for reasons we’ve discussed in other videos. But the fact remains that whether the market goes up or down, we can be prepared,” he said.
While acknowledging Bitcoin’s recent corrective price movement, Jebb remains optimistic about its long-term prospects. He explained the importance of strategic investments and maintaining confidence in assets with strong growth potential over time.
Jebb also highlights the broader implications of Bitcoin’s potential rally, highlighting its potential to have a positive impact on the entire cryptocurrency market. However, Jebb remains cautious, acknowledging the possibility of further corrections in Bitcoin’s price.
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