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Have Fun With A Quiz in Gate Chat Group & Unlock Big Rewards!
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Bitcoin (BTC) has shown a significant upward trend this week, pushing its asset value to $67,000. After a challenging start in May, its goal is to reach a new all-time high.
A common market sentiment suggests that the next historical high target for Bitcoin is $100,000, and more and more people speculate that this milestone could be achieved during the expected post-halving rebound.
In line with this sentiment, trading expert TradingShot shared insights in a TradingView post on May 18th, leveraging Bitcoin's technical indicators to outline potential factors and a possible timeline that could drive the asset to $100,000.
TradingShot's analysis revolves around the Inverse Head and Shoulders (IH&S) pattern, which is a bullish reversal pattern observed in technical analysis. The expert points out that there has been high anticipation since May 6th for Bitcoin to break the downtrend line of higher lows, which is a key indicator of the IH&S pattern. As expected, Bitcoin timely achieved this target.