Bitcoin
Analyst identifies two scenarios for Bitcoin: US$75 thousand or US$47 thousand
Crypto analyst Crypto Jebb has identified a significant chart pattern in Bitcoin that could potentially drive its price towards $75,000. In a recent video, Jebb discusses 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 an optimistic outlook for the price of Bitcoin. Starting from the head of the pattern to the shoulder line, Jebb extrapolates a target price of $75,000. He explains that if Bitcoin fell to $60,000, forming the right shoulder of the pattern, a subsequent bounce could start a major uptrend.
He mentioned that in the scenario where Bitcoin does not undergo the predicted recovery and instead falls to price levels as low as $47,000, this would give investors more time to allocate funds into assets primed for long-term appreciation. . Using Bitcoin as an example, he expressed confidence that it will likely be worth considerably more in the future, regardless of short-term price fluctuations.
“I think Bitcoin will need a big corrective move and I think $47,000 is very, very, very predicted for reasons we’ve discussed in other videos. But the truth is, whether the market goes up or down, we can be prepared,” he said.
While acknowledging the recent corrective movement in Bitcoin’s price, Jebb remains optimistic about its long-term prospects. He explained the importance of strategic investment and maintaining confidence in assets with strong growth potential over time.
Jebb also highlights the broader implications of Bitcoin’s potential recovery, noting its potential to positively impact the entire cryptocurrency market. However, Jebb remains cautious, acknowledging the possibility of further corrections in Bitcoin’s price.