Bitcoin

  • Bitcoin forms an inverse H&S pattern with a $115K neckline; breakout may lead to $171K target.

  • Support holds near $103K with $100K as critical level; breakdown could invalidate bullish setup.

  • Whale accumulation and RSI above 55 suggest growing momentum ahead of the key resistance test.

Bitcoin is forming an inverse head and shoulders pattern on the 2-day chart, signaling a potential mid-term bullish reversal. With the left shoulder and head already formed and the right shoulder in progress, analysts are closely watching the neckline between $112.5K and $115K. If the breakout succeeds, Bitcoin may target $171,000, a 49% upside from current levels.

Technical Structure Aligns With Classic Reversal Pattern

According to Crypto Patel via X, Bitcoin’s inverse head and shoulders formation is nearing a critical point. He stated that the left shoulder and head have completed, while the right shoulder is in development. A clean breakout above the neckline range could lead to a major rally.

https://twitter.com/CryptoPatel/status/1936129170230460829

His analysis points to $100,000 as the base of the right shoulder. A breakdown below this would invalidate the bullish setup. Key support areas lie at $93,940 and $80,780, aligned with Fibonacci retracement levels that often act as bounce zones during retracements.

Current chart patterns also show consolidation, with dynamic support holding near $103K. The 100- and 200-day moving averages are converging, a signal of a strong long-term uptrend.

Volume, Sentiment, and Whale Activity Build Bullish Case

According to Coinglass and TradingView data, Bitcoin is trading at $103,580 while approaching a fair value gap near $106,000. Spot taker CVD data indicates renewed buying interest, suggesting accumulation from larger players. 

The RSI on the 4-hour chart is climbing above 55, reflecting growing momentum. Coinvo reports that “whales are insanely bullish on Bitcoin,” with large buyers aggressively adding positions during this range. 

Spot and derivatives markets are showing neutral funding and open interest levels, hinting at a potential volatility expansion if the neckline is broken. If bulls push Bitcoin above $115,000 with volume, the next upside target of $171,000 becomes realistic.

The post Bitcoin Forms Inverse Head and Shoulders Pattern With $171K Target in Sight if $115K Breaks appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.