Bitcoin's price has surged above $100,000, prompting speculation about its future movements.
Analysts are closely examining chart patterns such as the "head and shoulders" formation, which could indicate a reversal in the uptrend. However, some analysts believe this bearish signal may be losing validity. If Bitcoin can breach the high of the potential right shoulder, it could negate the head and shoulders pattern and lead to a bullish outlook with a price target of $116,000.
Despite the potential for upward movement, bears could still exert downward pressure, potentially pushing Bitcoin's price back to around $73,800.
Another chart formation gaining attention is the "cup and handle," which is seen as a bullish indicator. Bitcoin's price action has returned to the highs seen in March, and traders are optimistic that the cup and handle formation will be completed, with a target price of $140,000.
Fibonacci retracement levels are also being closely watched, with potential resistance points at $110,000 and $122,500.
Traders and investors are advised to conduct thorough research and consider the risks associated with trading and investing in Bitcoin.