Bitcoin will 'propel the next leg up' if key trading pattern confirms — Traders

The inverse head and shoulders pattern forming "would make sense" if Bitcoin doesn't "break straight through" to $67,500, according to a crypto analyst.) price could see a bullish trend reversal and “propel the next leg up” if the popular trading indicator known as the inverse head and shoulders pattern is confirmed, according to a crypto analyst.

He is referring to the inverse head and shoulders pattern — a bullish indicator which signals the downtrend is easing, and buyers are becoming more dominant in the market.Although it is crucial that Bitcoin holds above its short-term holder price of $59,500 to"maintain its bullish trend," pseudonymous crypto trader Willy WooIf the inverse head and shoulders pattern forms, Bitcoin's price could dip to $60,000 support levels before hitting new all-time highs.

Bitcoin’s price has slightly rebounded from the “head" at $58,614 on May 1, and if the pattern continues as Hyland’s model suggests, it will find support around its second shoulder, at $60,000 — a key support level.According to Hyland's model, Bitcoin may rise above the neckline and exceed its current all-time high of $73,800 by June.

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