{"id":555370,"date":"2023-10-14T01:00:19","date_gmt":"2023-10-14T01:00:19","guid":{"rendered":"https:\/\/uniquehot.com\/?p=555370"},"modified":"2024-06-11T07:06:11","modified_gmt":"2024-06-11T07:06:11","slug":"bitcoin-path-analyst-shows-head-and-shoulders-pattern-reveals","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-path-analyst-shows-head-and-shoulders-pattern-reveals\/","title":{"rendered":"Bitcoin Path To $70,000? Analyst Shows What This ‘Head And Shoulders’ Pattern Reveals"},"content":{"rendered":"

Bitcoin, the leading digital asset in terms of market cap and adoption, recent activity on its price chart has led to speculation and predictions about its future trajectory.\u00a0<\/span><\/p>\n

Acclaimed cryptocurrency trader, known as Mags on the X (formerly known as Twitter) platform, recently shared<\/a> his analysis on Bitcoin, suggesting a significant price surge for Bitcoin soon.<\/span><\/p>\n

Related Reading: Will October Be Bitcoin\u2019s Golden Month Again? A Dive Into A Decade Of Bullish Trends<\/a><\/div>\n

The Bitcoin \u2018Head And Shoulders\u2019 Insight<\/span><\/h2>\n

According to Mags, Bitcoin’s journey to a $70,000 price tag is foreseeable<\/a>. His deduction stems from observing an inverted \u2018Head and Shoulders\u2019 pattern on Bitcoin\u2019s price chart. Notably, this is a predictive tool in technical analysis that indicates potential price reversals based on prior movements. <\/span><\/p>\n

Mags highlighted that Bitcoin’s price is currently at the so-called ‘neckline’ of this pattern. If the pattern holds and Bitcoin breaks out from this neckline, it could be a bullish indicator<\/a>\u00a0for the flagship cryptocurrency.<\/span><\/p>\n

\n

#Bitcoin<\/a> is going to $70,000 ??<\/p>\n

BTC is forming a massive Head and Shoulder pattern on the inverted chart price is currently testing the Neckline<\/p>\n

The Technical target of the pattern, if measured from the neckline, is around $70,000 pic.twitter.com\/owLPorGK5j<\/a><\/p>\n

\u2014 Mags (@thescalpingpro) October 13, 2023<\/a><\/p><\/blockquote>\n

Mixed Reactions In The Community<\/span><\/h2>\n

Sergey Stolyarov, a user on X, expressed<\/a> skepticism over the said pattern’s significance. In Stolyarov’s view, the construction and structural reasons don’t qualify the observed pattern as a \u2018Head and Shoulders.\u2019 <\/span><\/p>\n

Stolyarov added that such formations could be discerned at any time and any part of the Bitcoin chart, implying the ubiquitous nature of pattern formation in volatile markets<\/a>.<\/span><\/p>\n

Related Reading: Bitcoin Eyes Turnaround: Could A New All-Time High Be On The Horizon? Analyst Predicts<\/a><\/div>\n

Another user criticized Mag’s\u00a0interpretation of Bitcoin’s price chart, emphasizing that a genuine “Head and Shoulders” pattern exists on the regular chart that predicts a price decline to 20,000. The user noted<\/a>:<\/span><\/p>\n

\n

nope – bitcoin actually formed a picture head and shoulders on the NOT inverted chart but you were so biased that you have to hunt for head and shoulders that it\u2019s a shitty one on inverted bitcoin chart so you don\u2019t have to look at the head and shoulders. It is also very large and points to a target of 20,000 short term.<\/p>\n<\/blockquote>\n

However, while some users sided with Mags, others took a more critical approach. Resham Singh, another member of the X platform, voiced<\/a> appreciation for Mags’ analytical approach, deeming it “impressive.” Singh seemed to align with Mags’ projection, hinting that such a price movement<\/a> would mark a milestone for Bitcoin.<\/span><\/p>\n

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

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

Bitcoin, the leading digital asset in terms of market cap and adoption, recent activity on its price chart has led to speculation and predictions about its future trajectory.\u00a0 Acclaimed cryptocurrency trader, known as Mags on the X (formerly known as Twitter) platform, recently shared his analysis on Bitcoin, suggesting a significant price surge for Bitcoin soon. Related Reading: Will October Be Bitcoin\u2019s Golden Month Again? A Dive Into A Decade Of Bullish Trends The Bitcoin \u2018Head And Shoulders\u2019 Insight According to Mags, Bitcoin’s journey to a $70,000 price tag is foreseeable. His deduction stems from observing an inverted \u2018Head and Shoulders\u2019 pattern on Bitcoin\u2019s price chart. Notably, this is a predictive tool in technical analysis that indicates potential price reversals based on prior movements. Mags highlighted that Bitcoin’s price is currently at the so-called ‘neckline’ of this pattern. If the pattern holds and Bitcoin breaks out from this neckline, it could be a bullish indicator\u00a0for the flagship cryptocurrency. #Bitcoin is going to $70,000 ?? BTC is forming a massive Head and Shoulder pattern on the inverted chart price is currently testing the Neckline The Technical target of the pattern, if measured from the neckline, is around $70,000 pic.twitter.com\/owLPorGK5j \u2014 Mags (@thescalpingpro) October 13, 2023 Mixed Reactions In The Community Sergey Stolyarov, a user on X, expressed skepticism over the said pattern’s significance. In Stolyarov’s view, the construction and structural reasons don’t qualify the observed pattern as a \u2018Head and Shoulders.\u2019 Stolyarov added that such formations could be discerned at any time and any part of the Bitcoin chart, implying the ubiquitous nature of pattern formation in volatile markets. Related Reading: Bitcoin Eyes Turnaround: Could A New All-Time High Be On The Horizon? Analyst Predicts Another user criticized Mag’s\u00a0interpretation of Bitcoin’s price chart, emphasizing that a genuine “Head and Shoulders” pattern exists on the regular chart that predicts a price decline to 20,000. The user noted: nope – bitcoin actually formed a picture head and shoulders on the NOT inverted chart but you were so biased that you have to hunt for head and shoulders that it\u2019s a shitty one on inverted bitcoin chart so you don\u2019t have to look at the head and shoulders. It is also very large and points to a target of 20,000 short term. However, while some users sided with Mags, others took a more critical approach. Resham Singh, another member of the X platform, voiced appreciation for Mags’ analytical approach, deeming it “impressive.” Singh seemed to align with Mags’ projection, hinting that such a price movement would mark a milestone for Bitcoin. 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":[428,441,1119,78790,9555,6664],"class_list":["post-555370","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-analysis","tag-btc","tag-btcusdt","tag-community","tag-crypto"],"acf":[],"yoast_head":"\nBitcoin Path To $70,000? 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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:\/\/uniquehot.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Path To $70,000? 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