Bitcoin price is forming a new All-time high every new day and hence the upper limit of the rally remains completely in speculation.
Many analysts, however, predict the bull run to touch $50K in the near future surpassing $40K anytime from now.
The retracement or correction phase cannot be overlooked as the price chart is on the verge of forming a head and shoulder pattern
Bitcoin Price Bullish Trend is Inevitable
The most dominant crypto, Bitcoin rallied like a monster in the past couple of hours attaining $35,000 levels and heading strongly towards $37,000. However, the rally appears to have no intentions of a slowdown or any halts. The bitcoin bulls are currently poised to lead the price to the next target set at $40,000.
The bitcoin rally is expected to continue to hold the bullish momentum in the coming days too. The reason behind this anticipation is two factors that have attained their all-time high other than the Bitcoin price, BTC whale addresses and BTC hash rate.
According to the popular on-chain analysis platform Santiment, the whale addresses holding more than 1000 BTC has reached the highs of 2,323 address.
And, the bitcoin hash rate which is the processing power of the Bitcoin network just hit the topmost levels of 148.067 TH/s.
Is any Correction Phase Approaching?
The 4-hour chart of the Bitcoin price shows the possible formation of a head and shoulder pattern. The left shoulder is already formed and currently, the price is rallying to form the head of the pattern as specified by an analyst’s Crypto Bull.
According to the analysts, the BTC price may revisit around $30K in the virtue of forming the head of the pattern and surge back to $35K followed by a plunge close to $30K to complete the pattern.
However, the neckline or the baseline is the pivotal region of the pattern which needs to be maintained. In this case, $30K is the neckline and if BTC price breaks down the neckline, the price may crash below $25,000.