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Bitcoin price may be on the verge of… Recording its highest levels ever One cryptocurrency analyst also revealed the emergence New technical indicator It’s called the “bird beak sign.” Spotted on the Bitcoin Heikin Ashi chart, the analyst notes that this technical pattern indicates that a potential price rise is imminent.
The “bird’s beak” pattern points the way to $100,000
Optimism is growing in the cryptocurrency community, as popular cryptocurrency analyst “Trader Tardigrade” shared a bullish prediction for… Bitcoin price forecast. In X (formerly Twitter) mailthe analyst detected a distinct technical pattern known as the “Bird Beak Sign” in Bitcoin Heikin AshiBitcoin Heiken Ashi Chart, a type of candlestick chart used to determine the direction of the market trend and predict future prices.
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A bird’s beak mark is a distinctive beak-like striped pattern created by the Heikin Ashi Candlesticks They cluster together in a narrow uniform band. Usually when a cryptocurrency consolidates, it means that its price is stabilizing before a potential surge higher. In the case of Bitcoin, the recent Bird Beak pattern indicates this Consolidation precedes upward momentum.
The analyst points out that in the past when Bitcoin showed a Bird Beak sign on the daily Heikin Ashi chart, it was followed by a Strong uptrend. This upward movement was represented by: Several green candlesWhich showed an upward movement.
Sharing the price chart, Trader Tardigrade revealed that on January 2, 2023, a Bird Beak sign appeared in the Bitcoin chart, causing the price to rise to $23,250 at that time. The same chart pattern was also observed on February 7 and 25, 2024, where Bitcoin rose to $52,000 and reached $71,000 to $72,000, respectively.
Trader Tardigrade revealed that the current Bird Beak mark appearing in Bitcoin’s Heikin Ashi chart was formed on October 27, 2024. Based on these previous marks, analysts have predicted that the new Bird Beak pattern could lead to another A sharp increase for Bitcoinwhich could push its price to $114,000 this month.
The analyst expects Bitcoin to reach $71,000 first
Recently Share XTrader Tardigrade revealed that Bitcoin was breaching the symmetrical triangle at the tip of the 8-hour Heikin Ashi chart. Based on this new Symmetrical triangle patternThe analyst predicts that a successful breakout could lead to a rally towards the $71,000 target price for Bitcoin.
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This bullish sentiment is shared by another famous analyst known as the “Titan of Crypto,” as well Projects Bitcoin’s next target is $71,000. This analyst expects Bitcoin to reach this new target before the month closes, highlighting that the cryptocurrency’s monthly candle looks remarkably strong.
It is important to note that as of writing, Bitcoin is trading at $67,856, which represents a 1.3% increase over the past 24 hours, according to CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com