Bitcoin Forms Bullish Inverse Head-And-Shoulders Pattern With $76,000 Target

Bitcoin is tracing out a potential bullish inverse head-and-shoulders pattern on its daily chart, with a low near $60,000 in early June forming the left shoulder and a deeper trough near $57,700 in late June or early July marking the head.

“a low near $60,000 in early June formed the left shoulder”

CoinDesk

CoinDesk says the recent bounce from around $62,500 formed the right shoulder and that connecting the bounce highs produces a neckline sitting at roughly $66,800 as of this writing.

@coindesk

CoinDesk adds that if prices break decisively above the neckline, chartists would treat it as confirmation with a projected target near $76,000.

The same CoinDesk analysis frames the setup as unconfirmed until price actually clears and holds above the neckline, describing it as “one scenario, not a guarantee.”

CoinDesk identifies the neckline at roughly $66,800 as the trigger level and says the pattern’s depth is used to project a target near $76,000 if the breakout holds.

The analysis also points to downside vigilance, saying the level to watch is the 50-day simple moving average, currently near $63,321, and that a decisive break below it would be an early sign the setup is losing its footing.

Bitcoin World

In a separate write-up, Bitcoin World describes the inverse head and shoulders as a pattern that is only confirmed after a decisive break above the neckline, which “has not yet occurred as of the latest analysis.”

Bitcoin World further states that traders often project a price target by measuring the distance from the head’s low to the neckline and adding that to the breakout point, while warning that such projections “are not guaranteed.”

CoinDesk links the bullish case to uncertainty around regulation, saying odds of the Clarity Act passing this year have been dwindling and that it removes a catalyst some traders were counting on for regulatory tailwinds.

“postponed the vote on the Crypto Clarity Act until September”

Pluang

Pluang reports that the U.S. Senate postponed the vote on the Crypto Clarity Act until September, and it says XRP dropped 5.5% over the week, the largest decline among major cryptocurrencies.

Pluang also places Bitcoin around $64,300, supported by inflows into spot bitcoin fun..., while noting that Bitcoin fell to around $64,384 after failing to break above the $65,000 resistance level.

CoinDesk’s broader framing ties the chart setup to a single key level that will decide whether it plays out, emphasizing that the pattern isn’t confirmed yet and that renewed weakness below the 50-day average is a reason to watch.