Bitcoin’s $60,000 Support Crucial for Reaching New Heights, Says Expert

Bitcoin must maintain the $60,000 mark if the current momentum weakens at $67,500. This could lead to the formation of an ‘inverse head and shoulders’ reversal pattern, according to trader Matthew Hyland.

#BTC

IF we don’t break straight through $67.5k then something like this forming over the next month would make sense for a bottom pattern reversal (Inverse Head and Shoulders Pattern which we see often)

It would be great setup to propel the next leg up: pic.twitter.com/vxSUuM9MWC

— Matthew Hyland (@MatthewHyland_) May 4, 2024

This pattern indicates an upcoming shift from a downward to an upward trend.

“It would be a great setup for the next leg up,” the trader stated.

The pattern consists of three troughs below the so-called neckline resistance. The middle one (the head) should be deeper than the left and right (shoulders).

According to Hyland’s model, Bitcoin could rise above the neckline and reach ATH by June.

Opponents of the expert believe that in the near term, the first cryptocurrency’s prices will remain at the current level. However, this should not be seen as a bearish signal.

#Bitcoin Cycle Top ⛰️

The longer the #BTC consolidation takes the higher its price will meet the trendline.

I don’t make the rule. pic.twitter.com/3LaYFWNpCw

— Titan of Crypto (@Washigorira) May 2, 2024

“The longer the consolidation lasts, the higher its price will reach the trendline,” explained the trader known as Titan of Crypto.

Daan Crypto Traders agreed with this view.

#Bitcoin Previous cycle all time highs tend to slow down price and make Bitcoin stall for some weeks.

The moment they do properly break, we tend to see a fast expansion higher. pic.twitter.com/DuUikMicTL

— Daan Crypto Trades (@DaanCrypto) May 4, 2024

“Previous all-time highs tend to slow down price and cause Bitcoin to stall for several weeks,” he noted.

Former BitMEX CEO Arthur Hayes has predicted that the first cryptocurrency will surpass the $60,000 level and move towards $70,000 by August.

Earlier, Bitfinex’s head of derivatives, Jag Kooner, identified signs of the market transitioning to a summer lull.