Bitcoin Eyes $74K as Analyst Says $66.5K Breakout Hinges on $60K Retest Pattern

What to Know

• Bitcoin could revisit $60,000 before completing an inverse head-and-shoulders pattern supporting a potential breakout toward $74,000 if $66,500 breaks.
• Ali Charts identified $66,500 as the neckline while buyers defend higher lows near $60,000 to preserve the bullish structure.
• Bitcoin must reclaim resistance before technical projections favor a measured advance toward $74,000 while failure below $60,000 invalidates the pattern.

 

Bitcoin could reach $74,000 if a developing technical pattern unfolds as expected, although crypto analyst Ali Charts believes the cryptocurrency may first revisit the $60,000 support level before attempting a decisive breakout above $66,500. The analyst explained that such a move would complete an inverse head-and-shoulders pattern, which traders often associate with a bullish trend reversal.

At the time of the analysis, Bitcoin traded near $63,957 on the 12-hour chart, where the asset remained below the neckline but continued to show signs that buyers were gradually rebuilding momentum. Consequently, traders are watching both the support and resistance levels for confirmation of the next major move.

Also Read: Shiba Inu exchange reserves near $400M as price weakness weighs on SHIB metrics

Analyst Says $60K Retest Could Complete Bullish Setup

According to Ali Charts, Bitcoin has already formed the left shoulder and head within the inverse head-and-shoulders pattern. The remaining component is the right shoulder, which could develop through another decline toward the $60,000 region.

Earlier, Bitcoin climbed toward $66,500 before sellers pushed the price lower. That correction created the head after the cryptocurrency briefly traded near $60,000. Buyers then regained control and lifted Bitcoin away from those lows.

Moreover, the latest pullback has remained above the previous bottom, suggesting selling pressure has weakened. This higher low forms an important part of the developing bullish structure.

According to Ali Charts, a retest of $60,000 should not automatically be viewed as a bearish signal. Instead, it could complete the right shoulder before Bitcoin attempts another breakout above resistance.

Breakout Above $66.5K Holds the Key to $74K

The neckline remains positioned at $66,500 and represents the pattern’s confirmation level. Once Bitcoin closes above that resistance with sustained buying momentum, the inverse head-and-shoulders pattern would become technically valid.

Analysts typically calculate the upside objective by measuring the distance between the head and neckline before projecting it above the breakout point. Based on that method, Ali Charts identified $74,000 as the primary target, while the chart also suggests a possible extension toward $76,000 if bullish momentum strengthens.

However, Bitcoin must first secure a convincing move above the neckline before the projected rally gains technical confirmation. A decisive break below $60,000 would invalidate the bullish setup by eliminating the higher low needed to complete the right shoulder.

Conclusion

Bitcoin’s technical outlook now depends on support holding near $60,000 and resistance breaking at $66,500. According to Ali Charts, achieving both conditions would confirm the bullish pattern and place the projected $74,000 target within reach.

Also Read: XRP Risks Bearish Retest as Analyst Flags Critical Trendline Rejection

The post Bitcoin Eyes $74K as Analyst Says $66.5K Breakout Hinges on $60K Retest Pattern appeared first on 36Crypto.