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Mags, a renowned cryptocurrency trader and technical analyst, suggests that Bitcoin will reach $70,000 by analyzing a ‘Head and Shoulders’ pattern using an inverse Bitcoin chart.
Mags’ prediction comes during a complex period for Bitcoin when the flagship cryptocurrency fell below the significant support level of $27,000.
Bitcoin’s price exhibited volatile behavior in 2023. It surged to over $20,000 at the beginning of the year, rallying nearly 90% in less than four months.
According to the analysis made by a famous trader, the formation on the Bitcoin price chart points to a target of 70 thousand dollars; Here are the details!
Bitcoin’s $70,000 Price Target
Mags, a well-known cryptocurrency trader and technical analyst, predicts that Bitcoin will reach $70,000 by analyzing a ‘Head and Shoulders’ pattern using an inverse Bitcoin chart. Mags believes that Bitcoin’s current price is on the neckline of the pattern.
Mags’ prediction comes during a complex period for Bitcoin when the flagship cryptocurrency fell below the significant support level of $27,000. Two days ago, in early October, Bitcoin dropped below $27,000 for the first time, following three consecutive bearish daily candles on the chart.
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BTC Analysis
The current state of Bitcoin’s price has raised doubts among many users, with some skeptical about the leading cryptocurrency’s ability to reach new highs anytime soon.
One user, Sergey Stolyarov, known as X, viewed Mags’ analysis negatively and considered it an insignificant pattern. According to Stolyarov, the current Bitcoin chart pattern could be drawn anywhere at any time frame on any Bitcoin chart without mentioning structural reasons.
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Another Bitcoin user, Resham Singh, found Mags’ analysis impressive and approved it. Singh believed that if Mags’ prediction came true, it would be a significant milestone for Bitcoin.
Despite rising expectations, the price is declining
Bitcoin’s price exhibited volatile behavior in 2023. It surged to over $20,000 at the beginning of the year, rallying nearly 90% in less than four months. However, despite general expectations of an upcoming halving event, upward momentum stalled due to various macroeconomic and regulatory challenges.
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As of the time of writing, Bitcoin was trading at $26,880, representing a total gain of 64% in 2023. However, many users believe that the leading cryptocurrency is still far from its all-time highs and has further upside potential in light of the approaching Bitcoin halving in 2024 and its potential effects.
