BTC Price Signals Strong BUY in Weekly Chart, Eyes 60% Upside

The post BTC Price Signals Strong BUY in Weekly Chart, Eyes 60% Upside appeared first on Coinpedia Fintech News

Closing the last week on an extremely bullish and positive note, Bitcoin makes an engulfing candle in the weekly timeframe. Further, the BTC price trend is officially starting the first week of the “pre-halving rally” as per the historical trend in each halving year. 

With a 13% jump last week, the BTC price is ready for a bullish February.

With a trend reversal and breakout, the BTC price action is presenting a lucrative entry spot for sideline traders. Amidst such a recovery trend, the chances of Bitcoin reaching the $100,000 mark are increasing significantly. Read our Bitcoin price prediction, to find out if Bitcoin will reach $100,000 after the fourth halving event.

Inverted Head & Shoulder Breakout Ignites BTC Price Rally

With a rounding bottom breakout in the daily chart, the BTC price signals a trend reversal in the bigger picture. 

Source – Tradingview

With seven consecutive green candles and a boom in trading volume supporting the bull run, Bitcoin price surpassed $47K last week. This results in a bullish breakout of a rounding bottom reversal. However, this week, the BTC price started on a negative note with a 0.40% drop, bringing a pause in the uptrend. 

Currently, the Bitcoin price action teases a retest of the bullish breakout. 

Aggressive Bulls Dominate The Weekly Chart

With an inverted head and shoulder pattern in the weekly chart, the BTC price presents a buying opportunity as it crosses the $46K neckline. Further, the buyers crack above the 61.80% Fibonacci level at $46,700, presenting an uptrend possibility to $55K this month. 

Source: TradingView

From a long-term perspective, the BTC breakout rally can reach the $77K mark as per the pattern’s breakout analysis. 

Technical Indicators:

MACD Indicator: With the breakout trend in the weekly chart, the MACD and signal lines avoid a bearish crossover. Hence, the possibility of an uptrend is increasing for the biggest crypto in the world.