Popular crypto trader Matthew Hyland has stated that an inverted head-and-shoulders pattern could form on the Bitcoin price chart

According to a crypto trader, the popular technical analysis indicator, known as the inverted head and shoulders pattern, could continue to rise in the future if the Bitcoin is confirmed. "If we don't break $67.5K outright, something like this would make sense for a bottom pattern reversal over the next month," Crypto influencer Matthew Hyland said in a post on X on May 4.

Referring to the Reverse head and shoulders formation, Hyland expressed the following thoughts:

"It would be a great setup to advance the next leg".

Speaking to his 1.1 million X followers on May 3, Crypto analyst and CMCC Crest co-founder Willy Woo stated that it is critical for Bitcoin to hold above the short term support level of $59,500 to "maintain the rise trend."

Analysts call for key levels for Bitcoin (BTC)!

Willy Woo, Crypto analyst and co-founder of CMCC Crest, told his 1.1 million X followers on May 3 that it is crucial for Bitcoin to stay above the short term support level of $59,500 to "continue the rise trend."

The pattern occurs when the Bitcoin forms three troughs below what is described as the neckline resistance, and the middle trough (aka head) is deeper than the left and right shoulder, Bitcoin price rebounded from the "head" level at $58,614 on May 1, and if it continues as suggested by Hyland's model, it will support around its second shoulder, which is a significant support level of $60,000.

According to Hyland's model, if Bitcoin rises above the neckline and could surpass the all-time high of $73,800 by June. Additionally, according to the Fear & Greed Index, buyer interest in the crypto market is slowly increasing. The index currently has a "Greed" level of 69 and has experienced a huge improvement compared to three days ago, when it indicated "Fear" with a score of 43.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making decisions.