Crypto analyst Jebb recently highlighted the opposite head and shoulders pattern that formed on the Bitcoin chart. This bullish pattern indicates that another flagship cryptocurrency rally could be on the horizon and could send its own price up to $100,000.
How Bitcoin Can Grow to $100,000
Crypto Jebb Revealed in video on his YouTube channel that the reverse head and shoulders pattern he had been predicting for some time had finally formed on the charts. He predicts that this pattern could lead to a price breakout, sending the Bitcoin price to $70,000. The analyst also noted that the bullish pattern’s price target is $75,000, which indicates that Bitcoin could reach novel all-time record (ATH) at the next stage of growth.
Crypto Jebb mentioned that there is a “high degree of probability” that Bitcoin will experience a solemn surge, which would result send it for $100,000 should break the current ATH of $73,800. The cryptocurrency analyst believes that Bitcoin prices rising to this level is very likely, given that there has been a “pretty big corrective move” since hitting novel ATH over two months ago.
A cryptocurrency analyst has warned that there is a scenario where Bitcoin could also run out sideways trading between $60,000 and $64,000, which would represent a period of consolidation. He noted that Bitcoin may even fall lower during this period. However, Bitcoin’s outlook is generally sanguine based on the technical indicators highlighted by Crypto Jebb.
The analyst emphasized Moving Average Convergence/Divergence (MACD), which he noted is turning “very bullish” on the daily chart and showing the bulls are regaining control. He also claimed that Bitcoin is observing a “green-red-green” pattern on the daily chart, which indicates that the crypto token is “doing very well.”
BTC is in “very bullish territory.”
Crypto Jebb mentioned that Bitcoin is currently in very bullish territory, especially since Altcoins are also rising. In his opinion, this currently indicates a “high degree of confidence” in the market. The cryptocurrency analyst also noted that the stock market has just breached an all-time high, which he believes is massive news for Bitcoin.
He explained that this was crucial news for us Bitcoin as the flagship cryptocurrency follows stock Exchange and changes significantly when the stock market breaks out. Therefore, once an exchange breaks its ATH, Bitcoin is expected to do so quickly enough.
Crypto Jebb further explained the reasoning behind it Bitcoin follows the stock market is that investors are more confident to invest in risky assets when they see that the riskless market (stock market) is performing well.
Crypto Jebb predicts that Bitcoin will do just that become a risk-free asset over the next ten to twenty years. When that happens, he predicts hundreds of billions of dollars will be invested in the flagship cryptocurrency.
Chart from Tradingview.com
