According to Cointelegraph: As per crypto traders, Bitcoin could see a significant bullish trend reversal soon, given the appearance of a certain trading pattern. A bullish inverse head and shoulders pattern has been sighted, which, if confirmed, could “propel the next leg up” for Bitcoin.
Crypto trader Matthew Hyland explained in a recent post, "If we don't break straight through $67.5k then something like this forming over the next month would make sense for a bottom pattern reversal.” He added, “It would be a great setup to propel the next leg up,” referring to the inverse head and shoulders pattern. This pattern symbolizes a easing downtrend and suggests buyers are growing more dominant.
However, a critical condition for this trend to materialize is that Bitcoin must maintain its price above the short-term holder price of $59,500, emphasized pseudonymous crypto analyst and CMCC Crest co-founder, Willy Woo.
According to the pattern, Bitcoin’s price will form three troughs below a certain "neckline" resistance, with the middle trough, or the “head”, lower than the left and right "shoulders". Bitcoin’s price rebounded slightly from this "head" at $58,614 on May 1. If the pattern continues, it would settle around a second "shoulder" at around $60,000, a significant support level.
Hyland's model even suggests that Bitcoin could surpass its current all-time high of $73,800 by June. Also, the Fear and Greed Index, a measure of buyer interest in the crypto market, is gradually reflecting an uptick in sentiment.
Despite the positive signs, some traders expect Bitcoin's price to remain relatively stable in the near term; however, they do not necessarily see this as a bearish signal.
