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bitcoin price may be on the verge of reaching new all-time highs as a cryptographic analyst has revealed the emergence of abitcoin-golden-cross-history/amp/” rel=”nofollow”> new technical indicator called the “bird's beak sign.” Seen on the bitcoin Heikin Ashi chart, the analyst suggests that this technical pattern indicates that a potential price rally is imminent.
'Bird's Beak' Pattern Points the Way to $100,000
Optimism in the crypto community is rising as a popular crypto analyst, 'Trader Tardigrade', has shared a bullish prediction for bitcoin Price Outlook. In an x (formerly twitter)x.com/tatrader_alan/status/1850516743481069578?s=46″ rel=”nofollow”> mailThe analyst discovered a distinct technical pattern known as the “bird beak sign” in bitcoin Heikin Ashi.bitcoin Heikin Ashi chart, which is a type of candlestick chart used to detect the direction of market trend and predict future prices.
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The bird beak sign is a distinctive graphic pattern that resembles a beak and is created when the Heikin Ashi chandeliers They are grouped in a narrow consolidated range. Typically, when a cryptocurrency consolidates, it means its price is stabilizing ahead of a potential rally. In the case of bitcoin, the recent Bird Beak pattern suggests consolidation is preceding upward momentum.
The analyst notes that in the past, when bitcoin showed the Bird Beak sign on the daily Heikin Ashi chart, it was followed by a strong upward trend. This upward movement was represented by several green candleswhich showed an upward movement.
By sharing a price chart, Trader Tardigrade revealed that on January 2, 2023, a Bird Beak sign appeared on the bitcoin chart, causing a price surge to $23,250 at that time. This same chart pattern was also observed on February 7 and 25, 2024, with bitcoin skyrocketing to $52,000 and reaching between $71,000 and $72,000, respectively.
Trader Tardigrade has revealed that the current Bird Beak sign seen on bitcoin's Heikin Ashi chart formed on October 27, 2024. Based on these past signs, analysts have predicted that the new Bird Beak pattern could lead to another sharp rise for bitcoinwhich could raise its price to $114,000 this month.
Analyst Expects bitcoin Price to Hit $71,000 First
In a more recentx.com/tatrader_alan/status/1850674918041731114?s=46″ rel=”nofollow”> x publicationTrader Tardigrade revealed that bitcoin was breaking out of a symmetrical triangle at the top of its 8-hour Heikin Ashi chart. Based on this new symmetrical triangle patternThe analyst predicts that a successful breakout could lead to a rally towards the $71,000 price target for bitcoin.
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This bullish sentiment is shared by another popular analyst known as the “crypto Titan,” who alsox.com/washigorira/status/1850495572110655965?s=46″ rel=”nofollow”> projects bitcoin's next target is $71,000. This analyst has predicted that bitcoin will reach this new target before the month closes, highlighting that the cryptocurrency's monthly candle looks significantly strong.
It is important to note that, at the time of writing, the price of bitcoin is trading at $67,856, which is up 1.3% in the last 24 hours, according to CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
