Crypto analyst Crypto Jebb has identified a significant chart trend in Bitcoin that could potentially propel its price to $75,000. In a recent video, Jebb discusses the emergence of an inverted head and shoulders pattern, signaling a possible rally for the leading cryptocurrency.
According to Jebb, the inverted head and shoulders pattern presents a bullish outlook for Bitcoin price. Starting from the head of the pattern to the shoulder line, Jebb extrapolates a price target of $75,000. He explains that if Bitcoin were to fall back to $60,000, forming the right shoulder of the pattern, a subsequent bounce could initiate a major uptrend.
He mentioned that in the scenario where Bitcoin fails to undergo the expected rally and falls to price levels as low as $47,000, it would give investors more time to allocate funds to assets ripe for appreciation at long term. Using Bitcoin as an example, he expressed confidence that its value would likely be much higher in the future, regardless of short-term price fluctuations.
“I think Bitcoin will need a major corrective move and I think $47,000 is very, very, very feasible for reasons we've discussed in other videos. But the fact remains that whether the market goes up or down, we are in a position to be prepared,” he said.
While acknowledging the recent corrective movement in Bitcoin price, Jebb remains optimistic about its long-term prospects. He explained the importance of strategic investments and maintaining confidence in assets with high growth potential over time.
Jebb also highlights the broader implications of Bitcoin's potential rally, highlighting its potential to positively impact the entire cryptocurrency market. However, Jebb remains cautious, recognizing the possibility of further Bitcoin price corrections.