Cryptocurrency analyst explained the formation that could bring an increase in Bitcoin (BTC).
Popular analyst Jelle stood out with his post dated March 22 about Bitcoin. Looking at the current graph, he stated that Bitcoin has formed a inverse head and shoulders (IHS) formation, giving a bullish signal.
Indicating that for this formation to come true, a solid close above $68,000, Jelle emphasized that in case of this happening, the target will be near the all-time high level:
Bitcoin may be forming an inverse head-and-shoulders pattern. All you have to do is make a stand and turn the gray box into support. If this happens, the technical target will be close to near all-time highs.
The IHS formation indicated by the analyst is interpreted as a formation showing the end of the downtrend and the beginning of the uptrend. It is often used in technical analysis and considered a reliable formation.
Bitcoin, which lost 6% in the last 24 hours according to CoinGecko data, is currently trading at $63,000.
