Bitcoin bottomed at $56K? BTC price chart hints at breakout within days
Adding to the bullish technical formation, Bitcoin's distribution 'danger zone' has officially ended, according to popular analyst Rekt Capital.
A popular Bitcoin chart formation suggests that Bitcoin's
tickers down
$61,863
price could break out from its current range. However, this week's macroeconomic news could also significantly impact the price. Can Bitcoin break out to the upside?
Is a Bitcoin breakout imminent?
On the four-hour chart, Bitcoin price printed an inverse head and shoulders pattern, a formation used by technical analysts to predict the reversal of a previous downtrend.
Based on the technical formation, Bitcoin could rally to the upside if a break above the trendline occurs, according to a May 13 X post from crypto investor Quinten Francois, who wrote:
“Inverse head and shoulders pattern spotted on the $BTC chart. Not the most beautiful iH&S I've ever seen, but I'll take it. Different ways to draw the neckline too, but this way makes the most sense to me. Break the neckline for further price recovery!”