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Bitcoin low of the 6-month megaphone. Will it last?
Bitcoin (BTCUSD) has almost tested the Higher Lows trendline, which started with the low of October 12, 2023 and technically forms the bottom of the 6-month Bullish Megaphone pattern. Since the 1D MA50 (red trend line), where BTC has recently failed, has remarkable resistance, if this level holds, we can expect a strong bullish leg like in February - March 2024 and October - December 2023 (blue ellipses).
As you can see, each higher high of the megaphone pattern has been proportionally higher, the first hitting the 2.0 Fibonacci extension, the second hitting the 2.618 Fibonacci extension, which is normal for megaphones. If the pattern continues, reaching the important psychological target of $100,000 seems more than plausible, as it is just above the 2.0 Fib extension, where it can even reach the 3.0 Fib (127k) based on the pattern.
But what do you think? Will the bottom of the megaphone hold and push BTC to 100k? Let us know in the comments section below!
Source: TV