Bitcoin is currently forming a head and shoulders pattern on the monthly timeframe, a strong pattern on larger timeframes. This pattern consists of three main parts:
1. Left Shoulder: The price drops and then rises, forming a trough.
2. Head: A deeper decline occurs, followed by a rise, marking the lowest point of the pattern.
3. Right Shoulder: Another drop happens, but not as deep as the head, followed by a rise again.
When the neckline is broken, which is the line connecting the peaks from the left and right shoulders, it is considered a strong signal for a bullish reversal. In Bitcoin's case, if the neckline is broken, we could see a strong upward move with a target of $120,000.
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