Bitcoin Climbs Above $65,000, Creates Intriguing Chart Pattern

Bitcoin is having its best day in two weeks, climbing 5% as part of a broad rally in global risk assets.

The chart caught my attention because it could chart an inverse head-and-shoulders pattern, which would target a move towards $75,000.

A speculative fever may have been sparked by the Gamestop and AMC drama this week, as well as the Fed’s improving rate cut outlook. I fear we’ve already incorporated too much, but it’s hard to buck the trend.

It would be even harder to bet against Bitcoin if it could rise above $65,700, adding to the certainty that it has cleared the neckline of an inverted head and shoulders pattern on the daily chart.

Last week’s rally also builds confidence that the early May decline was a false breakout. The $60,000 level held steady this week, as it did several times in March and April.