- Bitcoin’s hidden bullish divergence signals potential upside, with a move toward $100,000 possible if key support holds.
- A four-year inverse head and shoulders pattern suggests Bitcoin could surge past $300,000 with continued bullish momentum.
- Bitcoin’s parabolic growth and critical support at $74,800 set the stage for possible explosive price action, sustaining long-term bullish outlook.
Bitcoin price action is seeing strong bullish momentum with technicals confirming possible further upside. The cryptocurrency recently bounced off a critical neckline, reaffirming long-term bullish projections. Analyst Ger van Lagen predicts a possible run to $300,000 if support levels hold firm.
Hidden Bullish Divergence Signals Uptrend
Over the course of a year and a half, the price of bitcoin has fluctuated greatly. Prior to gaining consistent upward momentum, Bitcoin was trading between $30,000 and $40,000 in late 2023. It established an upward support line and tested the $70,000 mark as 2024 approached.
But after that, there was consolidation, and in the first half of 2024, Bitcoin was trading between $60,000 and $70,000. In the middle of 2024, this sideways trend finally gave birth to a significant breakout. Prices soared to a record high of about $110,000. Strong momentum was bolstered by substantial trading volumes.
Following this peak, Bitcoin went through a period of correction, progressively dropping to find support in the $75,000–$80,000 range. Notably, a crucial reversal signal—a concealed bullish divergence—was exposed by technical charts. While momentum indicators indicated higher lows, the price made lower lows.
Bitcoin is currently trading between $75,000 and $80,000, indicating a potential short-term climb toward $100,000. If the cryptocurrency stays within its long-term rising trendline, it can continue to be bullish.
Parabolic Curve Hints at Exponential Growth
A four-year-old inverse head and shoulders (iH&S) pattern has also played a major role in Bitcoin’s price action. A breakout from this formation previously projected a bullish target above $300,000.
The chart suggests Bitcoin followed a parabolic curve, forming four accumulation bases before its latest upward movement. Historically, after reaching Base 3, Bitcoin has doubled in price over a short period. If this pattern holds, Bitcoin’s next move could be explosive.
Moreover, Bitcoin recently tested a critical support level at $74,800. If this level holds, the bullish trend remains intact. However, a weekly close below this point could invalidate the bullish setup.
