• Bitcoin (BTC) has shown a marked upward trend this week, taking its value to £67,000, aiming for a new all-time high after a challenging start to month 5.

One common market sentiment suggests that Bitcoin's next record target is $100,000, but there is growing speculation that this milestone could be reached during a projected rally after halving in value.

In line with this sentiment, trading expert TradingShot shared his thoughts in a TradingView post from May 18, using bitcoin's technical indicators to outline potential factors and possible timeframes that could see the asset rise to 1,100,000.

#Cardano Whale activity has increased 10x, but can #ADA break the barrier1?

TradingShot's analysis was based on the inverted head and shoulders (IHandS) pattern, a bullish reversal formation seen in technical analysis. As of 5/6, experts noted that #MemeWatch2024 is expecting a breakout above the trendline with lower highs. This is an important indicator of the IHandS pattern. In line with expectations, Bitcoin has officially demonstrated this.

Pointing to historical precedents, TradingShot noted that two previous instances of IHandS bottoms resulted in significant price gains of about 95%. In addition, the 1-day moving average divergence indicator (MACD) confirms the bullish outlook.

Based on this analysis, TradingShot predicted that bitcoin is likely to reach its psychological target of 77 after May 100,000.

"Given that the 1D MACD is at the same bullish crosshair that was present at both lows, the psychological target of £100,000 is expected to be reached after May 7, implying +90% upside or less," the analyst noted.

The exact timing remains uncertain, but this forecast underscores the prevailing bullish sentiment towards bitcoin. This sentiment comes after a major correction in early May, when the asset value fell to $BTC The breakout of the Resistance65,000 resistance level was a turning point that could determine bitcoin's trajectory towards a new record high.

I don't expect much volatility.

Read us at: Compass Investments