{"id":564525,"date":"2023-12-08T13:00:38","date_gmt":"2023-12-08T13:00:38","guid":{"rendered":"https:\/\/wncen.com\/?p=564525"},"modified":"2024-06-11T14:24:43","modified_gmt":"2024-06-11T14:24:43","slug":"bitcoin-bullish-megaphone-pattern","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-bullish-megaphone-pattern\/","title":{"rendered":"Analyst Says Bitcoin Just Broke A Bullish Megaphone Pattern, What Are The Implications?"},"content":{"rendered":"

Bitcoin continues to maintain its bullish momentum even after some corrections following the breach above $44,000. Despite rising almost $15,000 in 30 days, the bullish sentiment has still not waned, especially among crypto analysts, who continue to expect more bullish strides from the cryptocurrency<\/a>.<\/p>\n

Bitcoin Breaks Bullish Megaphone Pattern<\/h2>\n

In a new analysis<\/a>, crypto analyst TradingShot has referred to a peculiar pattern that the Bitcoin price<\/a> has broken. According to the analyst, the crypto broke above a very bullish megaphone pattern, something that has been keeping the price muted for a while now.<\/p>\n

Related Reading: Bitcoin Shakeout Drives $190 Million In Losses For Over 81,000 Traders<\/a><\/div>\n

As TradingShot explains, this megaphone pattern is important because it has been the pattern that has held Bitcoin back since it first made a local high on October 24. So a break out of this pattern is understandably very bullish for the price.<\/p>\n

\"Bitcoin<\/p>\n

Source: Tradingview.com<\/a><\/pre>\n
\u201cThe previous Bullish Megaphone of September – October technically served as a consolidation belt before the price broke upwards to deliver a +31.86% peak from the Megaphone’s last Higher Low and +40.50% from its first Low,\u201d TradingShot said.<\/p>\n
Breaking out of the megaphone pattern suggests that there is more upside to come. If it goes as expected, then the crypto analyst believes that the BTC price<\/a> could still make another move toward the $48,000 price target.<\/p>\n
A Likely Path For BTC Price<\/h2>\n
The next stop for Bitcoin now would be to clear the $45,000 resistance<\/a> which has remained elusive. However, this may soon be a problem of the past going by TradingShot\u2019s analysis which suggests a breakout is on the horizon.<\/p>\n
\u201cThe ROC shows a similar behavioral structure between the two patterns. If it continues this way, then a new +31.50% leg will make a perfect contact on 48220, which is the March 28 2022 High,\u201d the crypto analyst explained.<\/p>\n
They further add that this is \u201cessentially the Bear Cycle’s first Lower High and a key Resistance level of the current Bull Cycle.\u201d Given this, \u201cTechnically, as long as the 1D MA50 (blue trend-line) holds (has been doing so since Sep 28), that is a realistic end target for this bullish wave.\u201d TradingShot stated.<\/p>\n
Related Reading: Ethereum Whale With Over $60 Million In Unrealized Profits Moves Coins To Exchange<\/a><\/div>\n
Another crypto analyst known as Tony The Bull seems to be on the same bullish trend<\/a>. In a Wednesday analysis, Tony reveals that \u201cthe green stair-stepping TDST support in Bitcoin hasn\u2019t been broken since 2018.\u201d As the analyst explains, the same primary bullish trend continues to apply even now.<\/p>\n
\u201cIMO, we are dealing with the same active primary trend, much more advanced and mature than anyone is expecting \u2013 hence why we are already lifting off while others wait for the halving,\u201d Tony explained.<\/p>\n
\n
Note the green stair-stepping TDST support in #Bitcoin<\/a> hasn’t been broken since 2018<\/p>\n
IMO, we are dealing with the same active primary trend, much more advanced and mature than anyone is expecting \u2013 hence why we are already lifting off while others wait for the halving pic.twitter.com\/Kga99uWSoy<\/a><\/p>\n
\u2014 Tony “The Bull” (@tonythebullBTC) December 6, 2023<\/a><\/p><\/blockquote>\n
\"Bitcoin<\/p>\n
BTC bears start to gain dominance | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Featured image from Publish0x, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin continues to maintain its bullish momentum even after some corrections following the breach above $44,000. Despite rising almost $15,000 in 30 days, the bullish sentiment has still not waned, especially among crypto analysts, who continue to expect more bullish strides from the cryptocurrency. Bitcoin Breaks Bullish Megaphone Pattern In a new analysis, crypto analyst TradingShot has referred to a peculiar pattern that the Bitcoin price has broken. According to the analyst, the crypto broke above a very bullish megaphone pattern, something that has been keeping the price muted for a while now. Related Reading: Bitcoin Shakeout Drives $190 Million In Losses For Over 81,000 Traders As TradingShot explains, this megaphone pattern is important because it has been the pattern that has held Bitcoin back since it first made a local high on October 24. So a break out of this pattern is understandably very bullish for the price. Source: Tradingview.com \u201cThe previous Bullish Megaphone of September – October technically served as a consolidation belt before the price broke upwards to deliver a +31.86% peak from the Megaphone’s last Higher Low and +40.50% from its first Low,\u201d TradingShot said. Breaking out of the megaphone pattern suggests that there is more upside to come. If it goes as expected, then the crypto analyst believes that the BTC price could still make another move toward the $48,000 price target. A Likely Path For BTC Price The next stop for Bitcoin now would be to clear the $45,000 resistance which has remained elusive. However, this may soon be a problem of the past going by TradingShot\u2019s analysis which suggests a breakout is on the horizon. \u201cThe ROC shows a similar behavioral structure between the two patterns. If it continues this way, then a new +31.50% leg will make a perfect contact on 48220, which is the March 28 2022 High,\u201d the crypto analyst explained. They further add that this is \u201cessentially the Bear Cycle’s first Lower High and a key Resistance level of the current Bull Cycle.\u201d Given this, \u201cTechnically, as long as the 1D MA50 (blue trend-line) holds (has been doing so since Sep 28), that is a realistic end target for this bullish wave.\u201d TradingShot stated. Related Reading: Ethereum Whale With Over $60 Million In Unrealized Profits Moves Coins To Exchange Another crypto analyst known as Tony The Bull seems to be on the same bullish trend. In a Wednesday analysis, Tony reveals that \u201cthe green stair-stepping TDST support in Bitcoin hasn\u2019t been broken since 2018.\u201d As the analyst explains, the same primary bullish trend continues to apply even now. \u201cIMO, we are dealing with the same active primary trend, much more advanced and mature than anyone is expecting \u2013 hence why we are already lifting off while others wait for the halving,\u201d Tony explained. Note the green stair-stepping TDST support in #Bitcoin hasn’t been broken since 2018 IMO, we are dealing with the same active primary trend, much more advanced and mature than anyone is expecting \u2013 hence why we are already lifting off while others wait for the halving pic.twitter.com\/Kga99uWSoy \u2014 Tony “The Bull” (@tonythebullBTC) December 6, 2023 BTC bears start to gain dominance | Source: BTCUSD on Tradingview.com Featured image from Publish0x, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":564541,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,656,679,1119,89185,1122,1144,78790],"class_list":["post-564525","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nAnalyst Says Bitcoin Just Broke A Bullish Megaphone Pattern, What Are The Implications?<\/title>\n<meta name=\"description\" content=\"Bitcoin continues to maintain its bullish momentum even after some corrections following the breach above $44,000.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Analyst Says Bitcoin Just Broke A Bullish Megaphone Pattern, What Are The Implications?","url":"http:\/\/wncen.com\/news\/bitcoin-bullish-megaphone-pattern\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-bullish-megaphone-pattern\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/Bitcoin-megaphone.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/Bitcoin-megaphone.jpeg?fit=1524%2C856"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt"],"dateCreated":"2023-12-08T13:00:38Z","datePublished":"2023-12-08T13:00:38Z","dateModified":"2024-06-11T14:24:43Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Analyst Says Bitcoin Just Broke A Bullish Megaphone Pattern, What Are The Implications?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-bullish-megaphone-pattern\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-bullish-megaphone-pattern\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/Bitcoin-megaphone.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/Bitcoin-megaphone.jpeg?fit=1524%2C856\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2023-12-08T13:00:38Z\",\"datePublished\":\"2023-12-08T13:00:38Z\",\"dateModified\":\"2024-06-11T14:24:43Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/Bitcoin-megaphone.jpeg?fit=1524%2C856","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/564525"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=564525"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/564525\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/564541"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=564525"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=564525"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=564525"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}