With the Bitcoin price creasing back to the $45K mark, the overall market sentiments are lifting off with the anticipations of a “Pre-Halving Run” skyrokceting. As the uptrend continues to gain momentum, the BTC price recovery is teasing an altcoin season around the corner.
Moreover, the bullish pattern in the weekly chart, the trend reversal signal in the monthly chart, and the supply cut-off from the miners are teasing a high jump. With such a turn of events, the BTC price prediction of reaching the $100K mark is coming closer to reality.
Bitcoin Teases An Inverted Head & Shoulders Breakout
With the bullish reversal this week, the BTC price is eyeing a breakout above the crucial resistance level of the 61.80% Fibonacci level. This resistance has provided multiple point of reversal for Bitcoin over the past two years.
Source: Tradingview
With the increasing anticipation of a 2-year resistance breakout, the BTC price action forms an inverted head and shoulder pattern in the weekly chart. The neckline of this bullish reversal pattern aligns with the 61.80% Fibonacci level.
Further, with the 1.35% intraday growth reaching the $45K mark with a 14% jump in intraday trading volume, Bitcoin eyes a breakout. On a side note, as per The Block, “the Daily selling by miners went from 800+ bitcoin daily in November-December 2023 to below 300 bitcoin daily so far 2024.”
In the daily chart, the 7.98% jump in the last four days present consecutive bullsih candles reflecting the growing momentum. This increases the likelihood of an uptrend continuation.
Monthly Chart Signals A Bullish Trend
As per the crypto analyst Ali on platform X, the Super Trend indicator known for signaling major bull runs Bitcoin flashes a new buying opportunity. On the Bitcoin monthly chart, the indicator projects the BTC price crossing above the bearish line, signaling a trend reversal.
the inception of Bitcoin, the Super Trend has generated four buy signals, all of which resulted in highly successful outcomes. The gains achieved from these signals are as follows: 169,172%, 9,900%, 3,680%, and 828%.
Will The BTC Price Reach $100,000?
As the recovery momentum is ready to offer a trend reversal breakout opportunity, the chances of a high-momentum bull run are increasing for Bitcoin. Further, apart from the mentioned bullish catalysts, the Fibonacci levels offer the next peak possibility close to $96,000.
Considering the bullish breakout of the inverted head and shoulder arrives with a bullish closing this week, the BTC price can skyrocket to $55,000 this month. On the downside, a reversal can retest the $40,880 level.
