{"id":40356,"date":"2025-08-04T15:01:42","date_gmt":"2025-08-04T15:01:42","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=40356"},"modified":"2025-08-04T15:01:42","modified_gmt":"2025-08-04T15:01:42","slug":"bitcoin-completes-inverted-head-shoulders-pattern-above-110000-what-this-means","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=40356","title":{"rendered":"Bitcoin Completes Inverted Head & Shoulders Pattern Above $110,000, What This Means"},"content":{"rendered":"
\n

Bitcoin has spent the past week trading below $120,000, showing signs of fatigue<\/a> after failing to hold above $118,000. However, a major bullish pattern has quietly taken shape beneath the surface volatility. According to crypto analyst Merlijn The Trader, Bitcoin has now completed a perfect inverted head and shoulders pattern, and a possible macro move is underway.<\/p>\n

Technical Pattern Breakout Points To Bullishness<\/h2>\n

Bitcoin slipped into a correction following an early-week high of $119,400 on July 28, with Friday, August 1, witnessing the most decline as the price fell to levels just below<\/a> $115,200. At the time of writing, Bitcoin is still trading below $115,000, but according to an interesting technical analysis by crypto analyst Merlijn The Trader, Bitcoin is still on track to launch toward<\/a> $145,000.<\/p>\n

The chart, which was initially shared<\/a> on the social media platform X, illustrates a classic inverted head and shoulders pattern. This pattern is arguably one of the most reliable bullish reversal formations in technical analysis.\u00a0<\/p>\n

The setup features a deep head between March and April 2025, flanked by a left shoulder in early February and a right shoulder that took shape across June and July. The upside breakout occurred when Bitcoin decisively moved above the neckline at $110,000, and eventually pushed to its most recent all-time high of $122,838 on July 14.\u00a0<\/p>\n

\"Bitcoin\"<\/p>\n

However, the ensuing retest after this peak until the time of writing is what Merlijn refers to as a \u201cbullish retest,\u201d in which price revisits the breakout level without breaching below the neckline. This is a strong indicator that the previous neckline resistance has now become support.<\/p>\n

As noted by Merlijn, this pattern checks every technical box, and major moves in the crypto market often begin subtly before erupting violently. In terms of a price target, the chart\u2019s projection is a potential surge to $145,000. This projection is based on if Bitcoin can successfully bounce upward on the breakout line, as shown in the 3-day candlestick price chart above.<\/p>\n

ETF Outflows Dampen Sentiment Momentarily<\/h2>\n

Despite the bullish formation, price action in the latter part of the week painted a more sobering picture. Bitcoin\u2019s failure to hold $118,500 prompted a wave of selling<\/a>, culminating in a strong retracement over the weekend.<\/p>\n

This crash can be attributed to a trifecta of pressure points: fears caused by new US tariff announcements on Friday, traders locking in profits near resistance, and the performance of US Spot Bitcoin ETFs. These elements collectively caused a retrace<\/a> to $112,200 on Saturday, August 2.\u00a0<\/p>\n

On August 1, these US-based Spot funds recorded one of their worst days in 2025, shedding over $812.25 million in net outflows. This was a strong reversal after consecutive weeks of inflows and likely contributed to downward price momentum as institutional demand briefly waned.<\/a><\/p>\n

At the time of writing, Bitcoin is trading at $114,260, up by 0.8% in the past 24 hours. A surge to the $145,000 price target would translate to a 27% increase from the current price levels.<\/p>\n

\"Bitcoin\"<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin has spent the past week trading below $120,000, showing signs of fatigue after failing to hold above $118,000. However, a major bullish pattern has quietly taken shape beneath the surface volatility. According to crypto analyst Merlijn The Trader, Bitcoin has now completed a perfect inverted head and shoulders pattern, and a possible macro move […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-40356","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/40356","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=40356"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/40356\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=40356"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=40356"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=40356"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}