legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

Bitcoin and Ethereum Prices Surge

Bitcoin is currently trading above $64,000, showcasing a solid uptick of 4.3% in the last 24 hours and 3% in the past week. This surge hints at a potential end to Bitcoin’s recent corrective phase, sparking optimism among investors. Ethereum, on the other hand, has followed suit with a 2% increase in the last 24 hours, despite being down by 2.36% over the past seven days. Nevertheless, Ethereum is hovering around $2,950, showing promising signs. Other altcoins such as Binance and Solana are also on the rise, each with gains of 5% and $151, respectively. Additionally, TON Coin, Cardano, Dogecoin, and Shiba Inu are experiencing various degrees of positive movement, indicating a bullish sentiment across the market.

Bitcoin Price Eyes New All-Time High

Crypto analyst Crypto Jebb has been closely monitoring a significant pattern for weeks—an inverse head-and-shoulder formation. This pattern typically indicates a bullish breakout, setting a target price of around $70,000. The structure of this pattern involves a left shoulder, a deeper head, and a right shoulder, forming a neckline. Unlike the traditional head-and-shoulders formation, this one is flipped, reversing the previous downtrend.

Forecasting the price target above the current all-time high suggests the possibility of surpassing previous records. However, it is essential to exercise caution as resistance levels could obstruct full-price target attainment. Even though the breakout point remains uncertain, the pattern’s completion hints at a potential upward movement in the near future.

Post-breakout, several outcomes are feasible, ranging from a retest of the previous all-time high at $69,000 to a rally towards the current peak of $73,800. Alternatively, a complete realization of the inverse Head and Shoulders pattern could propel Bitcoin to $75,000, surpassing previous highs and potentially signaling a broader market rally towards $100,000. The MACD on the daily chart is turning bullish, indicating a resurgence of bullish sentiment.