Analyst: Bitcoin Could Rally to $76,000 if It Holds Key $66,600 Level

BlockBeats News, August 20th, Tech Charts market analyst Aksel Kibar pointed out that the BTC daily chart has been forming a bullish inverse head and shoulders pattern since the June low.

The neckline of this pattern is located around $66,600. Kibar stated that if BTC clearly breaks out and holds above the neckline, it will confirm the inverse head and shoulders pattern. Based on the distance from the head to the neckline, the target price could be $76,000.

This structure has been forming since early June, potentially indicating that after Bitcoin's peak at $126,000 last October, the current bear market is building a possible bottom. Traders are currently watching to see if this pattern can complete the confirmation and start a new uptrend.