This Chart Pattern Suggests Bitcoin Is on the Verge of a Macro Bull Trend

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Bitcoin has undergone a strong drop since posting a number of highs near $12,000 in August. The coin now trades at $10,700 as of this article’s writing, nearly $2,000 before the year-to-date high. Analysts are still optimistic about BTC’s long-term price prospects. One trader shared a chart indicating that Bitcoin is likely on the verge of its next phase of growth. The chart shows that BTC recently broke out of a macro inverse head and shoulders pattern. This pattern, which has formed over the course of the past year, predicts that Bitcoin has room to extend to the upside. The implication of this pattern has been corroborated by fundamental factors, which also show that Bitcoin has room to rally. Bitcoin Could Be on the Verge of a Macro Bull Trend: Pattern Although Bitcoin’s recent price action has suggested that the cryptocurrency is on thin ice, the cryptocurrency’s long-term trend remains…

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