Crypto analyst Crypto Jebb recently highlighted an inverse heads and shoulders pattern that had formed on the Bitcoin chart. This bullish pattern indicates another rally may be on the horizon for the flagship crypto, which could send its price to $100,000.
How Could Bitcoin Could Rise To $100,000
Crypto Jebb revealed in a video on his YouTube channel that the inverse heads-and-shoulders pattern he had been predicting for a while had finally formed on the charts. He predicts this pattern could lead to a price breakout, sending Bitcoin’s price to $70,000. The analyst also noted that the price target of the bullish pattern is at $75,000, which indicates that Bitcoin could hit a new all-time high (ATH) on its next leg up.
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Crypto Jebb mentioned that there is a “great degree of likelihood” that Bitcoin would experience a major rally, which would send it to $100,000 should it break its current ATH of $73,800. The crypto analyst believes that Bitcoin’s rise to that price level is very likely, considering that it has seen a “pretty large corrective movement” since hitting a new ATH over two months ago.
The crypto analyst warned that there is a scenario where Bitcoin could also end up trading sideways between $60,000 and $64,000, which would signal a period of consolidation. He noted that Bitcoin could even drop lower during this period. However, Bitcoin’s outlook is generally bullish based on the technical indicators that crypto Jebb highlighted.
The analyst highlighted the Moving Average Convergence/Divergence (MACD), which he noted is turning “very bullish” on the daily chart and shows that the bulls are regaining control. He also claimed that Bitcoin is witnessing a ‘green red green’ formation on the daily chart, indicating that the crypto token is “doing very well.”
BTC Is In “Very Bullish Territory
Crypto Jebb mentioned that Bitcoin is currently in very bullish territory, especially since Altcoins are also rallying. He claims this indicates a “great degree of confidence” in the market at the moment. The crypto analyst also noted that the stock market just broke an all-time high, which he stated is big news for Bitcoin.
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He explained that this is big news for Bitcoin because the flagship crypto follows the stock market and moves significantly whenever the stock market experiences a breakout. As such, with the stock market breaking its ATH, he expects Bitcoin to do so soon enough.
Crypto Jebb further explained that the rationale behind Bitcoin following the stock market is that investors are more confident in investing in risk-on assets when they see that the risk-off (the stock market) is doing so well.
Crypto Jebb predicts that Bitcoin will become a risk-off asset in the next ten to twenty years. When that happens, he predicts that hundreds of billions of dollars in investment will be made in the flagship crypto.
Chart from Tradingview.com
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