Bitcoin Bull Run Continues: Two Potential Growth Patterns to Watch !

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Introduction

Bitcoin is showing strong bullish momentum on the 4-hour timeframe, continuing its upward journey within a bullish channel. This post highlights two potential growth patterns and key support levels.

Currently, Bitcoin is positioned within a green bullish channel. As long as it stays within this range, the bull trend will persist. The next targets for Bitcoin are:

1. Target 1 : $66,755.85

2. Target 2 : Diagonal line from previous highs

3. Target 3 : $74,537.70

However, a break below the bullish channel could lead to a temporary bearish phase, with support in the $57,877.90–$58,116.32 zone. This could trigger a return triangle pattern for growth.

Short-Term Analysis

In the 1-hour timeframe, Bitcoin has three crucial support levels for potential price reversals :

1. First support : $62,781.58, possibly forming a head and shoulders or rectangle pattern.

2. Second support : Mid-line of the bullish channel.

3. Third support : Bottom of the bullish channel.

Advice

Traders should monitor these levels closely. As long as Bitcoin remains within the bullish channel, dips will likely be limited, and buying opportunities will arise near the support levels. A breakdown below the red zone will signal a deep bearish phase.

Conclusion

Bitcoin’s bull run continues, with significant targets ahead. Watch for key supports and the bullish channel, but stay cautious if the channel breaks, signalling a potential bearish shift. Keep an eye on the charts to seize profitable opportunities!