BITCOIN target 70.000 to 80.000 before end of May
Updated
Hello Traders,
Bitcoin is forming a new inverted head and shoulders pattern. We saw already a smaller inverted head and shoulders pattern in my analysis before.
The minimum target for this bullish pattern is 70,000 USD, but I expect to hit the upper trend line before the end of May or even sooner.
The upper trend line target will be 80,000 USD.
The months April and May are very bullish for Bitcoin over the last 10 years. This together with the endless money printing in the world, and it is very logical Bitcoin can reach these targets.
For the rest of the year I expect much higher prices. PayPal is starting to accept Bitcoin in the US, so only that is already very positive.
Bitcoin is forming a new inverted head and shoulders pattern. We saw already a smaller inverted head and shoulders pattern in my analysis before.
The minimum target for this bullish pattern is 70,000 USD, but I expect to hit the upper trend line before the end of May or even sooner.
The upper trend line target will be 80,000 USD.
The months April and May are very bullish for Bitcoin over the last 10 years. This together with the endless money printing in the world, and it is very logical Bitcoin can reach these targets.
For the rest of the year I expect much higher prices. PayPal is starting to accept Bitcoin in the US, so only that is already very positive.
Trade active
The inverted head and shoulders is perfectly intact!The first targets are never hit without also down waves. In doubt about the trend?
Zoom out to the daily time frame. Bitcoin is also in the 4-year bullish time cycle until the end of 2021.
Trade active
Nothing changed so far. The pattern is still perfectly valid. This is still the case even if price drops to 53000 which is the value of the left shoulder.The longer it takes the more powerfull will be the outbreak.
Trade closed: stop reached
Unfortunately price broke 53000 USD. So we have to wait to see a new structure. Longer termin BTC is always in an uptrend but corrections happen.Next breakout we need to see good extra volume otherwise it will not last for long.
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