Bitcoin has been predicted a record growth of 220%

Analysts predict that bitcoin could soar by 220% due to the formation of the so-called bullish megaphone pattern. This technical analysis pattern indicates a significant upside potential for bitcoin.

Currently, bitcoin is stable at around $ 56,000, but the market needs additional momentum to continue growing. «The Bullish Megaphone Pattern is formed by two trend lines, one of which is sloping downward and the other upward, creating a megaphone on the chart.

How does the Bullish Megaphone Pattern work?

Formation: The pattern starts to form when prices fluctuate between higher highs and lower lows. These fluctuations form a megaphone shape.

Increase in volatility: As the pattern develops, volatility increases. Price movements become larger, which often causes confusion and uncertainty in the market. An important characteristic of the bullish megaphone pattern is the increased volatility.

Breakout: The main feature of this pattern is a breakout, which usually occurs through the upper trend line. The breakout is supported by increased interest in buying and increased trading volumes, which indicates a strong upward momentum.

Target price: After a breakout, the target price is usually determined by measuring the height of the pattern at its widest point. The potential upside is calculated by adding this measurement to the breakout point.

This forecast adds to the optimism among crypto investors as it indicates the possibility of a significant increase in the value of bitcoin in the near future.