Bitcoin (BTC) Poised for Price Surge, Analyst Predicts After Recent Dip

• Experienced analyst predicts a bullish breakout in Bitcoin’s technical indicator.
• Henrik Zeberg’s analysis cited by Glassnode founder Yann Allemann.
• Zeberg suggests the recent pullback could be a preparation for an upward surge.

Bitcoin’s technical chart is primed for a bullish breakout, says trading legend and macroeconomist Henrik Zeberg. This article delves into his analysis and what it could mean for Bitcoin investors.

Bitcoin’s Bullish Breakout Prediction

Renowned analyst Henrik Zeberg has suggested that Bitcoin’s technical indicator is set for an upward explosion. This prediction was highlighted in a post by Glassnode founder Yann Allemann on May 9. Zeberg provided detailed explanations to support his bullish outlook.

Bitcoin’s Technical Chart Analysis

Looking at Bitcoin on a weekly basis, Zeberg noted that the green candle seen last week represents a “hammer”. He pointed out that the current situation has returned to a flag pattern. From this, the experienced analyst focused on the possibility that the recent pullback could be a preparation for an upward surge. He reminded that corrections often take back 50-60% of the previous significant rise, as we often see in the current days:

“Bitcoin’s chart looks ready to explode higher. Last week’s candle was a reversal candle – a hammer with a long wick. The price has returned to a flag pattern. This candle is still in a dominant structure. Therefore, this week’s pullback looks like a healthy correction before the rise. The correction usually takes back 50% or 61.8% of the previous major rise.”

Zeberg had previously accurately predicted the recent rise, earning him a reliable reputation in the crypto community.

Conclusion

Bitcoin’s technical chart analysis by Henrik Zeberg suggests a bullish breakout is imminent. The recent pullback could be a healthy correction before a significant rise. Investors and traders should keep a close eye on the market movements to capitalize on potential opportunities.

Tags: Bitcoin