Bitcoin Analysts Bullish on Price Reversal; Network Hits 1 Billion Transactions
- Bitcoin analyst Matthew Hyland suggests a bullish trend reversal for Bitcoin, citing the inverse head-and-shoulders pattern.
- Bitcoin network processes its one billionth transaction, marking a milestone 15 years after its inception.
This year, a lot has been happening around cryptocurrency, especially, Bitcoin. Earlier, the buzz and the predictions were about what would happen after the approval of spot Bitcoin ETFs in the US, and now the talks are about what’s next after the recent Bitcoin halving event.
Amid all the buzz, crypto & macro stock market analyst, Matthew Hyland on Saturday posted on X (formerly Twitter) suggesting that Bitcoin's price might undergo a bullish trend reversal and drive the next upward movement if the widely recognized trading indicator, the inverse head-and-shoulders pattern, is validated.
#BTC
— Matthew Hyland (@MatthewHyland_) May 4, 2024
IF we don't break straight through $67.5k then something like this forming over the next month would make sense for a bottom pattern reversal (Inverse Head and Shoulders Pattern which we see often)
It would be great setup to propel the next leg up: pic.twitter.com/vxSUuM9MWC
For those unaware of the inverse head-and-shoulders pattern that Hyland referred to in his post, it is a bullish indicator indicating a slowdown in the downtrend and an increasing dominance of buyers in the market.
Now, Hyland is not the only one sharing his two cents, leading Bitcoin on-chain analyst Willy Woo also posted on X, a day before.
Newsletter
The corridor, every morning.
Funding rounds and cross-border capital moves, one email, five minutes.
“Bitcoin and risk-on markets spamming the buy button on this latest dip, against the back drop of the Fed signaling the of easing rates. BTC needs to hold above 59.5k (STH Price) to maintain its bullish trend,” wrote Woo.
Meanwhile, buyer interest in the crypto market is increasing, currently at “Greed”, according to the Fear and Greed Index.
In other news, the Bitcoin network has processed its one billionth transaction.
https://twitter.com/Swan/status/1787236022381896133
This arrives 15 years, four months, and four days after Satoshi Nakamoto mined the Bitcoin network's first block on January 3, 2009. Additionally, this translates to an average of 178,475 daily transactions.
Edited by Harshajit Sarmah
More in Crypto
