{"id":596862,"date":"2024-03-08T08:30:59","date_gmt":"2024-03-08T08:30:59","guid":{"rendered":"https:\/\/wncen.com\/?p=596862"},"modified":"2024-06-11T06:57:53","modified_gmt":"2024-06-11T06:57:53","slug":"bitcoin-price-inverse-head-shoulders-pattern-76000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-inverse-head-shoulders-pattern-76000\/","title":{"rendered":"Bitcoin Price Forms Inverse Head And Shoulders Pattern, Eyes $76,000"},"content":{"rendered":"

Just below the all-time high of $69,000, the Bitcoin price has shown more volatility in recent days, only to now tread water around $67,000. But this boredom could soon be over. Following the recent price movements<\/a>, a notable pattern has emerged on the Bitcoin (BTC) price chart, as recognized<\/a> by the seasoned crypto analyst Josh Olszewicz.<\/p>\n

Bitcoin Price Rallye To $76,000 Next?<\/h2>\n

An inverse head and shoulders (iH&S) pattern, often seen as a bullish indicator, has formed on the Bitcoin 1-hour chart, suggesting a potential upward price movement. This pattern, while admittedly imperfect as per Olszewicz, is considered tradeable in his view. \u201c[The] pattern is definitely not perfect but still tradeable imo,\u201d he remarked.<\/p>\n

Related Reading: The $69,000 Bitcoin Question: Expert Forecasts When Price Will Breakout<\/a><\/div>\n

An Inverse Head and Shoulders (iH&S) pattern is a bullish reversal pattern<\/a> in technical analysis, signaling a potential upward reversal in price trends. It consists of three troughs with the middle trough being the lowest, resembling the shape of a head and two shoulders, but flipped upside down.<\/p>\n

\"Bitcoin
Bitcoin inverse head and shoulders (iH&S) pattern, 1-hour chart | Source: X @CarpeNoctom<\/figcaption><\/figure>\n

In this scenario, Bitcoin\u2019s chart shows the formation with a head at approximately $59,000 and shoulders forming around the $65,000 and $65,700 mark. The pattern suggests that a bullish move is brewing. Traders often use iH&S patterns to identify potential buying opportunities<\/a>, with entry points typically near the neckline breakout.<\/p>\n

The analyst’s chart points to a neckline (dotted red line) slanting downward, intersecting with the right shoulder in the coming days. A breakout above this line is typically required to confirm the pattern. At the current price, Bitcoin is trading just below the neckline.<\/p>\n

Related Reading: Bitcoin\u2019s Crucial Lifeline: Analyst Unveils Support That Could Prevent Crash To $60K<\/a><\/div>\n

For traders eyeing potential targets, Olszewicz’s analysis projects an ambitious goal of $73,000 to $76,000, aligned with the Fibonacci extension levels of 1.618 ($72,610.59) and 2 ($75,776.31). These levels represent significant price points that Bitcoin might test if the pattern is confirmed with a solid breakout.<\/p>\n

One element that could fortify the potential upward journey is a volume breakout, which the analyst has hinted at with a question mark. The volume indicator on the chart shows an increasing trend, but a decisive surge in volume is typically sought after to confirm an iH&S pattern.<\/p>\n

Moreover, Olszewicz has marked a potential stop loss (SL) level with a dashed green line. This level around $65,680 serves as a risk management tool for traders should the pattern fail to realize the upward breakout.<\/p>\n

At press time, BTC traded at $67,124.<\/p>\n

\"Bitcoin
BTC price is just below the crucial resistance line, 1-hour chart | Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image created with DALL\u00b7E, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Just below the all-time high of $69,000, the Bitcoin price has shown more volatility in recent days, only to now tread water around $67,000. But this boredom could soon be over. Following the recent price movements, a notable pattern has emerged on the Bitcoin (BTC) price chart, as recognized by the seasoned crypto analyst Josh Olszewicz. Bitcoin Price Rallye To $76,000 Next? An inverse head and shoulders (iH&S) pattern, often seen as a bullish indicator, has formed on the Bitcoin 1-hour chart, suggesting a potential upward price movement. This pattern, while admittedly imperfect as per Olszewicz, is considered tradeable in his view. \u201c[The] pattern is definitely not perfect but still tradeable imo,\u201d he remarked. Related Reading: The $69,000 Bitcoin Question: Expert Forecasts When Price Will Breakout An Inverse Head and Shoulders (iH&S) pattern is a bullish reversal pattern in technical analysis, signaling a potential upward reversal in price trends. It consists of three troughs with the middle trough being the lowest, resembling the shape of a head and two shoulders, but flipped upside down. In this scenario, Bitcoin\u2019s chart shows the formation with a head at approximately $59,000 and shoulders forming around the $65,000 and $65,700 mark. The pattern suggests that a bullish move is brewing. Traders often use iH&S patterns to identify potential buying opportunities, with entry points typically near the neckline breakout. The analyst’s chart points to a neckline (dotted red line) slanting downward, intersecting with the right shoulder in the coming days. A breakout above this line is typically required to confirm the pattern. At the current price, Bitcoin is trading just below the neckline. Related Reading: Bitcoin\u2019s Crucial Lifeline: Analyst Unveils Support That Could Prevent Crash To $60K For traders eyeing potential targets, Olszewicz’s analysis projects an ambitious goal of $73,000 to $76,000, aligned with the Fibonacci extension levels of 1.618 ($72,610.59) and 2 ($75,776.31). These levels represent significant price points that Bitcoin might test if the pattern is confirmed with a solid breakout. One element that could fortify the potential upward journey is a volume breakout, which the analyst has hinted at with a question mark. The volume indicator on the chart shows an increasing trend, but a decisive surge in volume is typically sought after to confirm an iH&S pattern. Moreover, Olszewicz has marked a potential stop loss (SL) level with a dashed green line. This level around $65,680 serves as a risk management tool for traders should the pattern fail to realize the upward breakout. At press time, BTC traded at $67,124. Featured image created with DALL\u00b7E, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":596876,"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":[428,656,679,6848,1119,1122],"class_list":["post-596862","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-price-prediction","tag-btc","tag-btc-price"],"acf":[],"yoast_head":"\nBitcoin Forms Inverse Head & Shoulders Pattern, Eyes $76,000<\/title>\n<meta name=\"description\" content=\"An inverse head and shoulders (iH&S) pattern, often seen as a bullish indicator, has formed on the Bitcoin 1-hour chart.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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Through his extensive work with wncen.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/wncen.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Price Forms Inverse Head And Shoulders Pattern, Eyes $76,000","url":"http:\/\/wncen.com\/news\/bitcoin-price-inverse-head-shoulders-pattern-76000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-price-inverse-head-shoulders-pattern-76000\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/03\/DALL\u00b7E-2024-03-08-09.16.07-A-visually-striking-wide-format-image-showcasing-the-concept-of-Bitcoins-price-fluctuation.-The-image-features-a-large-golden-Bitcoin-symbol-at-the.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/03\/DALL\u00b7E-2024-03-08-09.16.07-A-visually-striking-wide-format-image-showcasing-the-concept-of-Bitcoins-price-fluctuation.-The-image-features-a-large-golden-Bitcoin-symbol-at-the.jpg?fit=1792%2C1024"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Jake Simmons"}],"creator":["Jake Simmons"],"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","bitcoin price prediction","btc","btc price"],"dateCreated":"2024-03-08T08:30:59Z","datePublished":"2024-03-08T08:30:59Z","dateModified":"2024-06-11T06:57:53Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price Forms Inverse Head And Shoulders Pattern, Eyes $76,000\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-inverse-head-shoulders-pattern-76000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-inverse-head-shoulders-pattern-76000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/DALL\\u00b7E-2024-03-08-09.16.07-A-visually-striking-wide-format-image-showcasing-the-concept-of-Bitcoins-price-fluctuation.-The-image-features-a-large-golden-Bitcoin-symbol-at-the.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/DALL\\u00b7E-2024-03-08-09.16.07-A-visually-striking-wide-format-image-showcasing-the-concept-of-Bitcoins-price-fluctuation.-The-image-features-a-large-golden-Bitcoin-symbol-at-the.jpg?fit=1792%2C1024\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Jake Simmons\"}],\"creator\":[\"Jake Simmons\"],\"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\",\"bitcoin price prediction\",\"btc\",\"btc price\"],\"dateCreated\":\"2024-03-08T08:30:59Z\",\"datePublished\":\"2024-03-08T08:30:59Z\",\"dateModified\":\"2024-06-11T06:57:53Z\"}<\/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\/2024\/03\/DALL\u00b7E-2024-03-08-09.16.07-A-visually-striking-wide-format-image-showcasing-the-concept-of-Bitcoins-price-fluctuation.-The-image-features-a-large-golden-Bitcoin-symbol-at-the.jpg?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/596862"}],"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\/571"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=596862"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/596862\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/596876"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=596862"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=596862"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=596862"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}