- Bitcoin is going to $70,000, according to an acclaimed cryptocurrency trader, Mags.
- Mags drew his conclusion from an inverted Head and Shoulders pattern on the Bitcoin chart.
- According to Mags, Bitcoin’s price is currently at the neckline of the established pattern.
Bitcoin is going to $70,000, according to an acclaimed cryptocurrency trader and technical analyst identified as Mags on X (formerly Twitter). Mags drew his conclusion using an inverted Bitcoin chart to analyze an established ‘Head and Shoulders’ pattern. According to Mags, Bitcoin’s price is currently at the neckline of the established pattern.
#Bitcoin is going to $70,000 ??BTC is forming a massive Head and Shoulder pattern on the inverted chart price is currently testing the Neckline
The Technical target of the pattern, if measured from the neckline, is around $70,000 pic.twitter.com/owLPorGK5j
— Mags (@thescalpingpro) October 13, 2023
Mags’ prediction comes amid a complicated period for Bitcoin when the flagship cryptocurrency dropped below significant support at $27,000. Bitcoin broke below $27,000 for the first time in October two days ago, following three previous bearish cand…
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