I found an interesting Bullish Bitcoin pattern that is active right now.
Since 2017, whenever BTC printed a huge red weekly candle, followed by a green weekly candle completely trapped inside that red candle, price almost always squeezed higher in the next few weeks.
This has happened 14 times since 2017.
In 13 out of 14 cases, Bitcoin traded at least 12% higher within the next 8 weeks. That is a 92.9% hit rate.
The probability of this happening randomly is around 0.18%, or roughly 1 in 546.
Two weeks ago BTC printed the massive red weekly candle from $73.6K to $63.3K, with the low at $59.1K. Last week BTC printed the green inside candle and closed at $65,746.
A 12% move from that close gives $73,636. In other words, this pattern points almost exactly to the $74K weekly range high.
This does not mean the bear market is over. Actually, it means the opposite.
If Bitcoin squeezes into $74K from here, that is where I think the next major shorting opportunity appears, because that would likely be the sweep of the weekly range high before the bigger move lower.