Bitcoin’s remarkable start to 2024 continued this past week, bouncing a further 13% to close back above the crucial $46,000 level. The weekly close represents a clear technical breakout that has analysts calling for an extended Bitcoin bull run targeting $77,000 in the coming months.
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Inverted Head and Shoulders Breakout Backs Uptrend
According to Coinpedia’s latest BTC technical analysis, Bitcoin has triggered a textbook inverted head and shoulders pattern with a break above $46,000. Typically considered a trend reversal formation, the successful neckline breakout backs the notion that Bitcoin is gearing up for its next major rally.
The measured move target based on the inverted H&S points is $77,000, which would represent a nearly 60% gain from the breakout point. With Bitcoin still roughly 65% below last cycle’s peak, a run to $77K would go a long way towards validating that a new bull market is underway.
Adding to the bullish confluence is the MACD indicator holding in positive territory on Bitcoin’s weekly time frame. The strong momentum suggests a limited risk of a bullish trend failure as long as the weekly MACD can avoid a bearish crossover.
Pre-Halving Rally Kicks Off
Fundamentally backing the upside breakout, Bitcoin has commenced the one-year period leading up to its next halving event in early 2024. Historically, the four-year halving cycle triggers immense FOMO and price appreciation in the 12 months before the supply cut.
With expectations growing around a push to $100K and beyond following the upcoming halving, speculators, investors, and network optimists have responded emphatically to start the year.
With both technical and fundamental tailwinds now firmly supporting prices, the door looks open for BTC to reclaim its former high in 2024.
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