Crypto: Bitcoin $72k Target Possible If V-shaped Recovery Pattern Completes
Bitcoin’s post-CPI rally above $69,000 may help complete the V-shaped recovery chart pattern and also confirm that $60,000 was the sell-off bottom.
Bitcoin (BTC) charged above $69,000 on Friday as US CPI data showed cooling inflation, leading traders to hope for a short-term BTC price recovery.
Traders favor a short-term BTC price relief rally, but bulls must first take out the resistance at $68,000 to $70,000.
Bitcoin market analysis forecasts a short squeeze toward $80,000 if bulls succeed in confirming the $65,000 level as support.
Bitcoin attempted a breakout on Thursday but “got slammed back down at the $68K level,” said analyst Daan Crypto Trades in a Friday post on X, adding:
An accompanying chart showed the BTC/USD pair consolidating within a falling wedge in the one-hour time frame.
Related: Bitcoin ETFs bleed $410M as Standard Chartered slashes BTC target
The pattern projected a short-term rally to $72,000 once the price breaks above the wedge’s upper trendline at $68,000.
Fellow analyst Ted Pillows said the “chances of a deeper correction would increase” if the $65,000-$66,000 support does not hold.
From a technical perspective, BTC’s price action has been forming a V-shaped recovery chart pattern on the four-hour chart, as shown below.
Source: CoinTelegraph
