{"id":573082,"date":"2024-02-02T19:00:19","date_gmt":"2024-02-02T19:00:19","guid":{"rendered":"https:\/\/wncen.com\/?p=573082"},"modified":"2024-06-11T07:23:37","modified_gmt":"2024-06-11T07:23:37","slug":"bitcoin-big-breakout-this-bullish-pattern-signals-an-imminent-price-surge","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-big-breakout-this-bullish-pattern-signals-an-imminent-price-surge\/","title":{"rendered":"Bitcoin’s Big Breakout: This Bullish Pattern Signals An Imminent Price Surge"},"content":{"rendered":"

Market analysts have recently observed a notable pattern in Bitcoin price chart, potentially signaling a shift in the market trend. Jake Wujastyk, a prominent market analyst, has particularly pointed out<\/a> the emergence of an inverse head and shoulders pattern on Bitcoin’s daily candle chart.<\/p>\n

This pattern, coupled with Bitcoin’s closing price above a significant “volume shelf” signals an imminent upward trajectory<\/a> for Bitcoin.<\/p>\n

Related Reading: Bitcoin Halving Prep: Analyst Outlines Key Points Ahead Of Event<\/a><\/div>\n

Bitcoin Surge On The Horizon<\/h2>\n

In technical analysis, an inverse head and shoulders pattern is traditionally interpreted as a bullish signal. It is characterized by two lower peaks (shoulders) on either side of a far-down valley (head). The completion of this pattern occurs when the price breaks above the resistance level, known as the “neckline.”<\/p>\n

In Bitcoin\u2019s case, this neckline also aligns with a ‘volume shelf,’ as Wujastyk indicates, a price level where many contracts have previously been traded, indicating strong support or resistance.<\/p>\n

\n

#Bitcoin<\/a> Inverse head & shoulders on the daily candle chart as price closed above the volume shelf today. $BTCUSD<\/a> #Crypto<\/a> pic.twitter.com\/zE1lDJGnAM<\/a><\/p>\n

\u2014 Jake Wujastyk (@Jake__Wujastyk) February 2, 2024<\/a><\/p><\/blockquote>\n

As Bitcoin\u2019s price currently sits above the critical level of $43,000 up by 4.7% in the past week, it suggests a growing momentum among buyers, hinting at a potential uptrend<\/a>. At the time of writing, Bitcoin has seen a 2.1% increase in its price over the past 24 hours, reaching $43,144.<\/p>\n

\"Bitcoin
BTC price is moving sideways on the 4-hour chart. Source: BTC\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

This price movement occurs against a backdrop of fluctuating daily trading volumes<\/a>, which have decreased from over $25 billion to below $20 billion in a day.<\/p>\n

Notably, this pattern’s emergence is particularly noteworthy as Bitcoin options are set to expire, with 22,000 BTC options nearing their expiry date. These options have a Put Call Ratio of 0.66, a Maxpain point of $42,000, and a notional value of $960 million, as per data<\/a> from Greekslive.<\/p>\n

For context, the Put Call Ratio is a key indicator in options trading, representing the number of put options relative to call options. A lower ratio suggests a bullish sentiment, as it indicates more call options (bets on the price rising) are being traded compared to put options (bets on the price falling).<\/p>\n

Market Trends And BTC Halving Anticipation<\/h2>\n

The broader crypto market, including Ethereum (ETH) options, is also approaching expiration. 230,000 ETH options are set to expire, with a Put Call Ratio of 0.33, a Maxpain point of $2,300, and a notional value of $530 million. These figures suggest a more bullish outlook for Ethereum compared to Bitcoin.<\/p>\n

Furthermore, according to GreekLive, the market has seen subdued activity recently, with both realized volatility (RV) and implied volatility (IV) trending lower for major cryptocurrencies.<\/p>\n

\n

Feb. 2 Options Data
\n22,000 BTC options are about to expire with a Put Call Ratio of 0.66, a Maxpain point of $42,000 and a notional value of $960 million.
\n230,000 ETH options are about to expire with a Put Call Ratio of 0.33, a Maxpain point of $2,300 and a notional value of\u2026 pic.twitter.com\/tEQWxRXxtB<\/a><\/p>\n

\u2014 Greeks.live (@GreeksLive) February 2, 2024<\/a><\/p><\/blockquote>\n

However, introducing Bitcoin spot exchange-traded funds (ETFs) is beginning to attract incremental capital to the crypto market, compensating for the slowdown in grayscale sell-off. Meanwhile, the anticipation around Bitcoin’s halving event, scheduled for April 2024, is creating a buzz in the market.<\/p>\n

A recent survey by Bitget indicates a bullish sentiment among investors<\/a> regarding the upcoming Bitcoin halving. 84% of respondents globally believe that Bitcoin will exceed its all-time high of $69,000 in the next bull run.<\/p>\n

Related Reading: Market Survey Signals Bull Run: Investors Predict Bitcoin To Surpass $69,000 Post Halving<\/a><\/div>\n

Predictions for Bitcoin\u2019s price during the halving<\/a> are varied, with over half expecting it to be between $30,000 and $60,000, while about 30% foresee it is surpassing $60,000.<\/p>\n

Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

Market analysts have recently observed a notable pattern in Bitcoin price chart, potentially signaling a shift in the market trend. Jake Wujastyk, a prominent market analyst, has particularly pointed out the emergence of an inverse head and shoulders pattern on Bitcoin’s daily candle chart. This pattern, coupled with Bitcoin’s closing price above a significant “volume shelf” signals an imminent upward trajectory for Bitcoin. Related Reading: Bitcoin Halving Prep: Analyst Outlines Key Points Ahead Of Event Bitcoin Surge On The Horizon In technical analysis, an inverse head and shoulders pattern is traditionally interpreted as a bullish signal. It is characterized by two lower peaks (shoulders) on either side of a far-down valley (head). The completion of this pattern occurs when the price breaks above the resistance level, known as the “neckline.” In Bitcoin\u2019s case, this neckline also aligns with a ‘volume shelf,’ as Wujastyk indicates, a price level where many contracts have previously been traded, indicating strong support or resistance. #Bitcoin Inverse head & shoulders on the daily candle chart as price closed above the volume shelf today. $BTCUSD #Crypto pic.twitter.com\/zE1lDJGnAM \u2014 Jake Wujastyk (@Jake__Wujastyk) February 2, 2024 As Bitcoin\u2019s price currently sits above the critical level of $43,000 up by 4.7% in the past week, it suggests a growing momentum among buyers, hinting at a potential uptrend. At the time of writing, Bitcoin has seen a 2.1% increase in its price over the past 24 hours, reaching $43,144. This price movement occurs against a backdrop of fluctuating daily trading volumes, which have decreased from over $25 billion to below $20 billion in a day. Notably, this pattern’s emergence is particularly noteworthy as Bitcoin options are set to expire, with 22,000 BTC options nearing their expiry date. These options have a Put Call Ratio of 0.66, a Maxpain point of $42,000, and a notional value of $960 million, as per data from Greekslive. For context, the Put Call Ratio is a key indicator in options trading, representing the number of put options relative to call options. A lower ratio suggests a bullish sentiment, as it indicates more call options (bets on the price rising) are being traded compared to put options (bets on the price falling). Market Trends And BTC Halving Anticipation The broader crypto market, including Ethereum (ETH) options, is also approaching expiration. 230,000 ETH options are set to expire, with a Put Call Ratio of 0.33, a Maxpain point of $2,300, and a notional value of $530 million. These figures suggest a more bullish outlook for Ethereum compared to Bitcoin. Furthermore, according to GreekLive, the market has seen subdued activity recently, with both realized volatility (RV) and implied volatility (IV) trending lower for major cryptocurrencies. Feb. 2 Options Data 22,000 BTC options are about to expire with a Put Call Ratio of 0.66, a Maxpain point of $42,000 and a notional value of $960 million. 230,000 ETH options are about to expire with a Put Call Ratio of 0.33, a Maxpain point of $2,300 and a notional value of\u2026 pic.twitter.com\/tEQWxRXxtB \u2014 Greeks.live (@GreeksLive) February 2, 2024 However, introducing Bitcoin spot exchange-traded funds (ETFs) is beginning to attract incremental capital to the crypto market, compensating for the slowdown in grayscale sell-off. Meanwhile, the anticipation around Bitcoin’s halving event, scheduled for April 2024, is creating a buzz in the market. A recent survey by Bitget indicates a bullish sentiment among investors regarding the upcoming Bitcoin halving. 84% of respondents globally believe that Bitcoin will exceed its all-time high of $69,000 in the next bull run. Related Reading: Market Survey Signals Bull Run: Investors Predict Bitcoin To Surpass $69,000 Post Halving Predictions for Bitcoin\u2019s price during the halving are varied, with over half expecting it to be between $30,000 and $60,000, while about 30% foresee it is surpassing $60,000. Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":538164,"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":[90811,428,88653,678,1119,78790,6664],"class_list":["post-573082","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-1-million-btc","tag-bitcoin","tag-bitcoin-pattern","tag-bitcoin-prediction","tag-btc","tag-btcusdt","tag-crypto"],"acf":[],"yoast_head":"\nBitcoin Big Breakout: This Bullish Pattern Signals An Imminent Price Surge<\/title>\n<meta name=\"description\" content=\"Market analysts have recently observed a notable pattern in Bitcoin price chart, potentially signaling a shift in the market trend. 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/wncen.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin’s Big Breakout: This Bullish Pattern Signals An Imminent Price Surge","url":"http:\/\/wncen.com\/news\/bitcoin-big-breakout-this-bullish-pattern-signals-an-imminent-price-surge\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-big-breakout-this-bullish-pattern-signals-an-imminent-price-surge\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/06\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-2.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/06\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-2.jpg?fit=1920%2C1282"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["$1 million btc","bitcoin","bitcoin pattern","bitcoin prediction","btc","btcusdt","crypto"],"dateCreated":"2024-02-02T19:00:19Z","datePublished":"2024-02-02T19:00:19Z","dateModified":"2024-06-11T07:23:37Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin’s Big Breakout: This Bullish Pattern Signals An Imminent Price Surge\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-big-breakout-this-bullish-pattern-signals-an-imminent-price-surge\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-big-breakout-this-bullish-pattern-signals-an-imminent-price-surge\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-2.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-2.jpg?fit=1920%2C1282\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"$1 million btc\",\"bitcoin\",\"bitcoin pattern\",\"bitcoin prediction\",\"btc\",\"btcusdt\",\"crypto\"],\"dateCreated\":\"2024-02-02T19:00:19Z\",\"datePublished\":\"2024-02-02T19:00:19Z\",\"dateModified\":\"2024-06-11T07:23:37Z\"}<\/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\/06\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-2.jpg?fit=1920%2C1282","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/573082"}],"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\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=573082"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/573082\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/538164"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=573082"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=573082"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=573082"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}