INSUBCONTINENT EXCLUSIVE:
$160,000.Bitcoin may drop toward $114,000 firstAn inverted head and shoulders (IH&S) pattern has appeared on the three-day and weekly
A recent breakout above neckline resistance near $113,000 confirms the structure and opens the door for a measured move toward at least
$140,000, according to chartist Merlijn the Trader.Source: XMeanwhile, popular analyst Trader Tardigrade sees even more upside while
presenting a similar but slightly ascended IH&S pattern on a weekly chart
inverse head and shoulders breakout scenario
Source: Trader Tardigrade/TradingViewBitcoin is cooling off after hitting a record high near $123,250 on Monday, slipping about 5.65% in a
likely overbought correction
exhaustion among traders.BTC/USD daily price chart
Source: TradingViewOn-chain data also suggests profit-taking played a role
Large holders, including both long-term investors and short-term speculators, have been locking in gains, adding to the downside
pressure.Related: Satoshi-era whale moves $4.6B in Bitcoin after 14-year HODLAnalyst Hardy says Bitcoin may revisit the CME gap between
$114,300 and $115,600 to confirm it as new support before pushing higher.Source: HardyThis region nearly aligns with the neckline of the
Such behavior often helps flush out weak hands and build a stronger foundation for continuation.A successful bounce from the neckline zone
would likely strengthen Bitcoin's rally case toward the $140,000-$160,000 target by August or September.Bitcoin rally not overheated, MVRV
Z-Score showsBitcoin is trading near all-time highs, yet its MVRV Z-Score remains far below levels historically associated with market tops
That divergence suggests the current rally may still have room to run
invested into the network
Bitcoin MVRV-Z Score chart
Source: GlassnodeHistorically, when market value vastly exceeds realized value, the score enters the red zone, signaling overvaluation and
often preceding major tops.This indicates that, from an onchain perspective, Bitcoin is not yet overheated and may continue climbing before
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