The world’s number one crypto asset, Bitcoin (BTC), has been taking holders on a rollercoaster run since the onset of this week, evidenced by its recent break above a potent resistance level that has hindered its price ascent after several attempts.
Following its recent remarkable price actions, BTC is in a pole position for an all-time high (ATH) revisitation that would eventually catalyze the bull run into full swing with possible implications for altcoins that have been waiting patiently for the market tides to swing in their favor.
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#BITCOIN IS RIPPING HARD 🚀
NEW ALL TIME HIGH IS COMING 🔥
KEEP PRAYING GUYZ ! pic.twitter.com/UJLU9lwJ12
— Ash Crypto (@Ashcryptoreal) June 6, 2024
BTC’s Price Actions Relative To Other Altcoins
At the time of press, Bitcoin’s price statistics, according to Coincodex, revealed that the pioneer crypto asset is changing hands at about $71,108, reflecting a slight decline of about 0.78%. Interestingly, BTC is just about 3% below its ATH, corroborating initial claims about the token, reclaiming its price peak, and possibly establishing higher variables.
While BTC’s price actions might seem impressive despite its slight decline, most altcoins have stabilized around specific price regions with only sideways price changes. Notably, most other crypto assets apart from Bitcoin are still more than 10% away from retouching their peak prices, a testimony that the bull season is yet to set in for the altcoins.
Why BTC’s Next Target Is Generating So Many Controversies
Amid its impressive price movements, questions about BTC’s anticipated targets have been making rounds in the crypto space as investors continue to observe the market closely for the best possible time to delve into Bitcoin investment.
On the other hand, some traders with not too buoyant financial backing are hoping to precisely predict altcoins’ bullish phase via BTC’s price actions. Hence, it emphasizes why the question about BTC’s anticipated price targets has been generating so much fuss and controversies in the Web3 space.
BTC’s Anticipated Targets Stemming From Inverse Head And Shoulders Pattern
Amid the whole buzz about BTC’s anticipated targets, two renowned market analysts on X, Mags, and Jelle recently spotted a similar pattern on the coin’s price chart, which they termed an “Inverse Head and Shoulders Pattern.”
According to the two market experts, breaking above the Inverse Head and Shoulders Pattern on Bitcoin’s price chart will have a significant bullish impact on the coin’s future price actions. While both analysts’ claims supported a bullish market outlook, their price targets, although close, were different.
Mags analysis and attached charts stated that breaking above the recently discovered pattern formation will result in a 27.97% BTC price surge, skyrocketing the token to the $91,000 price mark from its current status.
#Bitcoin is about to break out of a massive Inverse head and shoulders pattern.
The pattern target is $91,000 👀 pic.twitter.com/tgouyo9shK
— Mags (@thescalpingpro) June 6, 2024
On the other hand, Jelle, citing a similar pattern appearance, noted that a bullish outbreak is imminent with $85,000 as Bitcoin’s next target, which represents a 19.5% appreciation from the coin’s present selling price.
#Bitcoin is attempting a breakout from the inverse head & shoulders pattern!
Target: $85,000 👀 pic.twitter.com/xF5b4gKSoS
— Jelle (@CryptoJelleNL) June 6, 2024
Analyzing the analyses presented by the market experts in this insight, it becomes relatively safe to say that BTC’s bullish run appears reasonably confirmed, considering that both observed a similar pattern despite the slight price target difference. On the other hand, altcoin enthusiasts might still need to exercise more patience while observing BTC’s price action to decide on the best possible moves.
Learn More
- Robert Kiyosaki Predicts Bitcoin to Reach $350K by August 2024
- Latest Crypto Price Predictions
- Best Altcoins To Buy In June: Predictions of Significant Gains
- Shiba Inu Price Prediction 2024 – 2040
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