Bitcoin To $100,000: Infamous Head And Shoulders Pattern Appears To Signal The Start Of Another Rally

Crypto
analyst
Crypto
Jebb
recently
highlighted
an
inverse


heads
and
shoulders
pattern

that
had
formed
on
the
Bitcoin
chart.
This
bullish
pattern
indicates
another
rally
may
be
on
the
horizon
for
the
flagship
crypto,
which
could
send
its


price
to
$100,000. 

How
Could
Bitcoin
Could
Rise
To
$100,000

Crypto
Jebb
revealed
in
a


video

on
his
YouTube
channel
that
the
inverse
heads-and-shoulders
pattern
he
had
been
predicting
for
a
while
had
finally
formed
on
the
charts.
He
predicts
this
pattern
could
lead
to
a
price
breakout,


sending
Bitcoin’s
price
to
$70,000.
The
analyst
also
noted
that
the
price
target
of
the
bullish
pattern
is
at
$75,000,
which
indicates
that
Bitcoin
could
hit
a


new
all-time
high

(ATH)
on
its
next
leg
up. 

Related
Reading

Crypto
Jebb
mentioned
that
there
is
a
“great
degree
of
likelihood”
that
Bitcoin
would
experience
a
major
rally,
which
would


send
it
to
$100,000

should
it
break
its
current
ATH
of
$73,800.
The
crypto
analyst
believes
that
Bitcoin’s
rise
to
that
price
level
is
very
likely,
considering
that
it
has
seen
a
“pretty
large
corrective
movement”
since
hitting
a
new
ATH
over
two
months
ago. 

The
crypto
analyst
warned
that
there
is
a
scenario
where
Bitcoin
could
also
end
up


trading
sideways

between
$60,000
and
$64,000,
which
would
signal
a
period
of
consolidation.
He
noted
that
Bitcoin
could
even
drop
lower
during
this
period.
However,
Bitcoin’s
outlook
is
generally
bullish
based
on
the
technical
indicators
that
crypto
Jebb
highlighted. 

The
analyst
highlighted
the


Moving
Average
Convergence/Divergence
(MACD),
which
he
noted
is
turning
“very
bullish”
on
the
daily
chart
and
shows
that
the
bulls
are
regaining
control.
He
also
claimed
that
Bitcoin
is
witnessing
a
‘green
red
green’
formation
on
the
daily
chart,
indicating
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
rallying.
He
claims
this
indicates
a
“great
degree
of
confidence”
in
the
market
at
the
moment.
The
crypto
analyst
also
noted
that
the
stock
market
just
broke
an
all-time
high,
which
he
stated
is
big
news
for
Bitcoin.

Related
Reading

He
explained
that
this
is
big
news
for

Bitcoin

because
the
flagship
crypto
follows
the


stock
market

and
moves
significantly
whenever
the
stock
market
experiences
a
breakout.
As
such,
with
the
stock
market
breaking
its
ATH,
he
expects
Bitcoin
to
do
so
soon
enough. 

Crypto
Jebb
further
explained
that
the
rationale
behind


Bitcoin
following
the
stock
market

is
that
investors
are
more
confident
in
investing
in
risk-on
assets
when
they
see
that
the
risk-off
(the
stock
market)
is
doing
so
well. 

Crypto
Jebb
predicts
that
Bitcoin
will


become
a
risk-off
asset

in
the
next
ten
to
twenty
years.
When
that
happens,
he
predicts
that
hundreds
of
billions
of
dollars
in
investment
will
be
made
in
the
flagship
crypto. 

Chart
from
Tradingview.com