- Bitcoin’s weekly chart reveals a clear inverse head and shoulders pattern formed over four years, indicating strong bullish momentum and investor confidence.
- The technical analysis identifies key support between $73K and $75K, setting stage for a projected move toward the $250K to $300K range.
- Elliott Wave principles suggest that the fifth wave may propel Bitcoin to higher levels, reinforcing the possibility of sustained parabolic price expansion.
Bitcoin appears set to continue its parabolic bull run after bouncing off a key neckline. A recent analysis of a four-year-old inverse head and shoulders pattern suggests strong technical momentum. The pattern may propel prices toward a target near $300,000.
Technical Chart Patterns
A recent tweet by crypto analyst Gert van Lagen outlines Bitcoin’s weekly chart formation. The analysis identifies an inverse head and shoulders pattern with a marked left shoulder, head, and right shoulder. The chart also shows a parabolic curve following several accumulation phases that support a bullish trend.
The diagram includes four bases labeled Base 1 through Base 4, which align with the parabolic price expansion theory. These bases indicate steady accumulation by institutional and long-term investors. Observers believe that this technical setup strengthens the market’s upward trajectory.
Key Price Levels
Technical analysis points to a crucial neckline between $73,000 and $75,000. A retest of this level may confirm support for further upward movement. The analysis projects that a sustained bounce could extend the price toward the $250,000 to $300,000 range.
Traders often rely on wave count analysis to gauge potential moves in Bitcoin’s price. A sell line appears near the projected peak of the current wave. Maintaining support above this neckline remains a critical factor in the technical outlook.
Market Trends and Projections
Bitcoin maintained a market value of $85,741.59 while its trading volume reached $33,214,051,022 at the moment of this writing. The value has climbed 4.55% during the recent day and 3.61% within the previous week. These movements reflect sustained buying interest and market participation.
Elliott Wave theory further supports the current technical outlook by marking Wave (3), Wave (4), and the anticipated Wave (5). The final wave is expected to push prices into the six-figure range. Investors monitor these wave counts as key indicators of the market’s momentum.
Large accumulation zones from the past four years reinforce the bullish technical setup. Market participants continue to observe support levels between $66,000 and $75,000. This detailed analysis underscores a structured, sustained rally that traders and investors closely follow.
