Bitcoin on the Recovery March
The first half of the summer was quite depressing for crypto assets. Bitcoin (BTC) experienced a significant 20.0% decline, dropping to $53,619. However, the situation changed dramatically in the last four days, with BTC surging by 12.0% to $64,972 and showing readiness for further gains.
Two indications support this optimistic scenario. First, Bitcoin has reclaimed the important support level at $60,000, which opens an upside path towards $70,000 per coin. Second, a reversal head and shoulders pattern is forming on the chart. Only the right shoulder is missing. Once this pattern is complete, a breakthrough of the “neckline” at $64,000 per coin could propel BTC significantly higher.
I am planning to open a long trade at $60,000-62,000, with a primary target at $70,000-72,000 and a secondary target at $76,000-78,000. The second target could be activated during the post-halving rally of Bitcoin. A stop-loss could be placed at $52,000 to manage risk.
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