The post Analyst Identifies Two Scenarios for Bitcoin: $75K or $47K appeared first on Coinpedia Fintech News

Crypto analyst Crypto Jebb has identified a significant chart pattern on Bitcoin that could potentially propel its price to $75,000. In a recent video, Jebb discusses the emergence of an inverse Head and Shoulders pattern, signalling a possible rally for the leading cryptocurrency.

The inverse Head and Shoulders pattern, according to Jebb, presents a bullish outlook for Bitcoin’s price. Drawing from the head of the pattern to the shoulder line, Jebb extrapolates a price target of $75,000. He explains that if Bitcoin were to drop back down to $60,000, forming the right shoulder of the pattern, a subsequent bounce could initiate a major uptrend.

He mentioned that in the scenario where Bitcoin fails to undergo the anticipated rally and instead drops to price levels as low as $47,000, it would afford investors additional time to allocate funds into assets poised for long-term appreciation. Using Bitcoin as an example, he expressed confidence that it will likely be worth considerably more in the future, irrespective of short-term price fluctuations.

“I think that Bitcoin will need a major corrective movement and I think $47,000 is very, very, very much in the cards for reasons that we’ve discussed in other videos. But the fact of the matter remains that whether the market goes up or whether the market goes down, we are able to be prepared,” he said.

While acknowledging the recent corrective movement in Bitcoin’s price, Jebb remains optimistic about its long-term prospects. He explained the importance of strategic investing and maintaining confidence in assets with strong growth potential over time.

Jebb also highlights the broader implications of Bitcoin’s potential rally, noting its potential to positively impact the entire cryptocurrency market. However, Jebb remains cautious, acknowledging the possibility of further corrections in Bitcoin’s price.

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Filed under: Bitcoin - @ May 9, 2024 4:16 pm