The latest price movement of Bitcoin (BTC) after PayPal’s crypto integration sent the cryptocurrency bellwether through $12K and $12.5K resistances. The rise above $13K now leads to a bullish pattern forming in a weekly timeframe.
Crypto price analyst and Youtuber, the Moon Carl has pointed out that Bitcoin is currently forming the Inverse Head and Shoulders (IH&S) pattern. The expert claims that breaking out from this pattern can send BTC to retest the all-time high at $20K soon.
He further explained that if Bitcoin is able to close the weekly candle above the neckline (in white) the breakout target would be as high as $19,700.
The IH&S pattern is a bullish pattern in contrast to the normal H&S pattern which happened earlier with Yearn.Finance (YFI) that sent it down to $12K when broken down.
Read more: YFI Price Looks Bleak – A Break Down from H&S Pattern Imminent?
However, this bullish pattern sometimes leads to a fake-out where price surges above the neckline and falls back down. To have a clear weekly candle close above the neckline is vital before entering the trade.
You may also want to read: Bitcoin Rallies After PayPal Takes on Cryptocurrency Payments in Historic Shift Towards Digital Assets
