Bitcoin is currently throwing back to the neckline of a multi-year inverse head and shoulders pattern that broke out in September 2024 — and that neckline happens to coincide precisely with the 2021 cycle high, the same level BTC retested in 2022 after the 2017 peak. The confluence of pattern support, the 200-week moving average, and the 200-day EMA makes this a technically significant zone to watch.
The analyst behind the original September 2024 inverse H&S call argues the setup is still intact: a breakout occurred, a throwback to the neckline followed, and the market is now testing whether that support holds. A successful defence would keep the multi-year bull structure alive and point toward continuation. If the zone fails, a deeper Fibonacci confluence range between roughly $48,000 and $57,000 — drawn from the 2018 and 2021 swing highs — becomes the next macro floor to watch.
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