bitcoin, the leading digital asset in terms of market capitalization and adoption, recent activity on its price chart has led to speculation and predictions about its future trajectory.
The acclaimed cryptocurrency trader, known as Mags on the X platform (formerly known as Twitter), recently shared his analysis on bitcoin, suggesting a significant rise in bitcoin price soon.
The ‘head and shoulders’ bitcoin vision
According to Mags, bitcoin‘s journey to a price of $70,000 is foreseeable. His deduction comes from observing an inverted ‘head and shoulders’ pattern on the bitcoin price chart. In particular, it is a predictive tool in technical analysis that indicates possible price reversals based on previous movements.
Mags highlighted that the price of bitcoin is currently in the so-called “neckline” of this pattern. If the pattern holds and bitcoin breaks out of this neckline, it could be a bullish indicator for the flagship cryptocurrency.
bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#bitcoin is it going to $70,000?
btc is forming a massive head and shoulders pattern on the inverted chart, the price is currently testing the neckline.
The technical target of the pattern, if measured from the neckline, is around $70,000. pic.twitter.com/owLPorGK5j
– Magazines (@thescalpingpro) October 13, 2023
Reactions found in the community
Sergey Stolyarov, an X user, voiced skepticism about the importance of such a pattern. In Stolyarov’s opinion, constructive and structural reasons do not qualify the observed pattern as “Head and Shoulders.”
Stolyarov added that such formations could be discerned at any time and anywhere on the bitcoin chart, implying the ubiquitous nature of pattern formation in volatile markets.
Another user criticized Mag interpretation of the bitcoin price chart, emphasizing that there is a genuine “head and shoulders” pattern on the regular chart that predicts a price drop to 20,000. The user noted:
no, bitcoin actually formed a head and shoulders image on the NOT inverted chart, but you were so biased that you have to look for the head and shoulders that is shit on the inverted bitcoin chart, so you don’t have to look at the head and back. It is also very large and is aiming for a short-term goal of 20,000.
However,While some users took Mags’ side, others took a more critical approach. Resham Singh, another member of platform voiced I appreciate Mags’ analytical approach, calling it “awesome.” Singh appeared to align with Mags’ projection, hinting that such a price move would mark a milestone for bitcoin.
Featured image from Unsplash, chart from TradingView