BITCOIN, NEXT TARGET AT $103,000?
In the one-hour chart, something similar to an Inverted Head and Shoulders (Inverse Head and Shoulders) is forming, a trend reversal chart pattern that usually indicates a rise.
If we analyze:
The bottom at 74,436.67 would be the "head".
The two higher bottoms before and after that (one around 79,628.14 and another in the same region) would be the "shoulders".
The neckline would be approximately in the range of 88,500 to 88,800, the area where the price is testing now.
If it breaks and confirms this level with volume, the pattern is validated and could project a bullish movement with a technical target calculated by the distance from the head to the neckline, projected upwards.
The basic formula is:
> Target = Neckline + (Neckline - Head)
Using the numbers from your chart:
Head: 74,436.67
Neckline: 88,800 (I will round it for clarity)
Difference:
88,800 - 74,436.67 = 14,363.33
Target:
88,800 + 14,363.33 = 103,163.33
Result:
If the price breaks and confirms above 88,800, the technical target projected by the pattern would be approximately 103,163.33.
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