Can This Bullish Chart Pattern Propel Bitcoin Price To $75,000?

The Bitcoin price has experienced a notable resurgence over the past week, drawing parallels to the optimism often associated with Holy Week among Christians. This renewed momentum has infused the entire market, leading to significant profits for other major cryptocurrencies in the last seven days.

The resurgence of the Bitcoin price seems to be at its nascent phase, with a popular crypto pundit on the X forecasting a bullish trajectory for the premier cryptocurrency over the coming days.

In a recent post on the X platform, Ali Martinez put forward an optimistic prediction for the price of Bitcoin. According to the crypto analyst, the premier cryptocurrency’s current price action indicates that BTC might be ready for another run to the upside.

This bullish prediction is based on the formation of an inverse head-and-shoulders chart pattern in the 30-minute timeframe. Considering the short timeframe, this projection, if it comes true, will likely play out over the next few days.

Typically, a head-and-shoulders price pattern signals a bullish-to-bearish trend reversal and indicates that an upward trend might be coming to an end. In contrast, the inverse head-and-shoulders chart formation suggests the possible reversal of a downward trend, with potential bullish movement on the horizon.

According to the highlighted chart above, the Bitcoin price is currently following a trend above the 200 exponential moving average (EMA). If the coin maintains its position above this moving average and manages to cross the neckline resistance at $71,580, Martinez expects the price of BTC to move further upward toward $74,760.

This almost $75,000  target would be a new all-time high for the Bitcoin price and an almost 5% move from the current price point. The current record-high price for BTC stands at around $73,700, which was set a little over two weeks ago.

As of this writing, Bitcoin is valued at $69,875, reflecting a 0.7% price decline in the past day. While the premier cryptocurrency is back below the $70,000 level, this slight dip is not substantial enough to erase its profit over the past week.

According to data from CoinGecko, the Bitcoin price is up by nearly 10% in the last seven days. After climbing as high as $71,500 earlier in the week, BTC now trails its all-time high price by about 5%.

Nevertheless, Bitcoin still maintains its position as the largest cryptocurrency in the sector, with a market capitalization of over $1.37 trillion.