Bullish Bitcoin chart may point to move toward $53 000

The pattern, a so-called reverse head and shoulders, is often viewed as signaling a flip in a downtrend.
Image: AdobeStock

Bitcoin is forming a technical pattern that suggests a brighter period lies ahead for the world’s largest cryptocurrency. The pattern, a so-called reverse head and shoulders, is often viewed as signaling a flip in a downtrend. The study suggests that a target of about $53 000 would come into play for the token — which is up some 3% on Tuesday — if it breaks the neckline of the reverse head and shoulders at about $44 600.

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