Bitcoin price may be at the limit reaching recent all-time records as a cryptocurrency analyst revealed the emergence recent technical indicator called the “Bird’s Beak Sign”. Bitcoin chart analyst Heikin Ashi suggests that this technical pattern indicates that a potential price boost is imminent.

The bird’s beak pattern signals the path to $100,000

Optimism is growing in the cryptocurrency community as popular cryptocurrency analyst “Trader Tardigrade” shared a bullish forecast for Bitcoin Price Outlook. WX (formerly Twitter) postanalyst has discovered a distinct technical pattern known as the “bird beak sign” in Bitcoin Heikin AshiBitcoin Heikin Ashi chart, which is a type of candlestick chart used to detect the direction of a market trend and predict future prices.

The Bird’s Beak sign is a distinct beak-like chart pattern created during Heikin Ashi candlesticks are concentrated in a narrow consolidated scope. Typically, when a cryptocurrency is consolidating, it means that its price is stabilizing before potentially moving higher. In the case of Bitcoin, it suggests the latest Bird’s Beak pattern consolidation precedes a growth impulse.

The analyst notes that in the past, when Bitcoin showed a Bird’s Beak sign on the daily Heikin Ashi chart, it was followed by sturdy upward trend. This upward movement was represented by many green candleswhich showed an upward movement.

Sharing the price chart, Trader Tardigrade revealed that on January 2, 2023, a Bird’s Beak sign appeared on the Bitcoin chart, causing the price to spike to $23,250 at that time. The same chart pattern was also observed on February 7 and 25, 2024, when Bitcoin surged to $52,000 and reached $71,000 to $72,000 respectively.

Trader Tardigrade revealed that the current Bird’s Beak pattern seen on Bitcoin’s Heikin Ashi chart formed on October 27, 2024. Based on these earlier signs, analysts predicted that the recent Bird’s Beak pattern could lead to another a acute boost in the Bitcoin pricepotentially pushing its price to $114,000 this month.

The analyst expects Bitcoin’s price to reach $71,000 first

In the newer one Post XTrader Tardigrade revealed that Bitcoin is breaking out of a symmetrical triangle at the end of the 8-hour Heikin Ashi chart. Based on this recent one symmetrical triangle patternthe analyst predicts that a successful breakout could lead to a rally towards Bitcoin’s target price of $71,000.

This bullish sentiment is shared by another popular analyst known as the “Crypto Titan” who also projects Bitcoin’s next target is $71,000. This analyst predicted that Bitcoin will reach this recent target before the end of the month, highlighting that the cryptocurrency’s monthly candle looks significantly sturdy.

It should be noted that at the time of writing, Bitcoin is trading at $67,856, up 1.3% over the last 24 hours, according to CoinMarketCap.

Featured image created with Dall.E, chart from Tradingview.com