3 June 2024
Crypto analyst Tara has highlighted a bullish pattern that recently formed on the Bitcoin chart. She also revealed how high the flagship crypto could rise on its next leg up. Furthermore, her analysis suggested that Bitcoin may be about to enter the parabolic phase of this market cycle.
“Major Impulse” Move On The Horizon For Bitcoin
Tara mentioned in an X (formerly Twitter) post that she believes that Bitcoin is about to make a major impulse move that will send its price to $75,800, representing a new all-time (ATH) for the crypto token. She made this remark while revealing that the “full ABCDE on price and RSI has been completed.”
According to her, Bitcoin just broke out of the resistance on the Relative Strength Index (RSI) and has completed the retest of the breakout level at $67,800. This development is significant as it suggests that Bitcoin may soon enter the parabolic phase of this cycle. Crypto analyst Rekt Capital recently claimed that Bitcoin is one breakout away from entering this phase while highlighting the $70,000 range as the level to beat.
Crypto analyst Michael van de Poppe also highlighted $70,000 as the price level BTC needs to break through to reach a new ATH. Meanwhile, if Bitcoin reaches $75,800 as Tara predicts, that would mean that the flagship crypto has entered the “escape velocity phase,” which could set it up for further moves to the upside.
Crypto analyst James Check (also known as Checkmatey) claimed that Bitcoin could attain this escape velocity phase shift at $73,000. Furthermore, BTC hitting this new ATH is also significant as it could cause the flagship crypto to rise as high as $100,000 during this upward trend.
Crypto analyst Crypto Jebb mentioned that there is a “great degree of likelihood” that Bitcoin will rally to the $100,000 price mark should it break its current ATH of $73,800. Interestingly, he made this remark while highlighting an inverse heads and shoulders pattern that could send Bitcoin’s price to $75,000.
btc Is Headed To $85,000 On The Next Leg Up
Crypto analyst Mikybull Crypto has also offered a bullish narrative for Bitcoin, stating that a megaphone pattern has formed on BTC’s chart and has a price target of $85,000. He also added that this breakout will happen soon. Before now, the analyst highlighted a broadened wedge that had formed on BTC’s daily chart and remarked that the “breakout is closer than you think.”
Meanwhile, crypto analyst Ali Martinez also outlined how BTC could rise to $79,600 soon. He stated that Bitcoin is currently hovering around the +0.5σ pricing band at $66,800 and that the flagship crypto will likely test the 1.0σ pricing band at $79,600 if it can hold above this level.