The Gann Fanns model and an emerging Inverse Head and Shoulders pattern are top of mind for traders to see if Bitcoin can “bounce” above its all-time high.
Bitcoin (BTC) jumped 7.54% in the past 24 hours and pushed past $65,000 amid positive United States inflation data with traders now keeping an eye on two key indicators for a potential rise to $70,000.
Pseudonymous crypto trader Blockchain Mane told Cointelegraph they are closely observing the Gann Fans model — a key indicator which analyzes the geometric and cyclical movement of the crypto market — to see if Bitcoin can “remain bullish.”
“Gann Fans are interesting, almost like a time and price momentum indicator,” they said, explaining it helps to better visualize the market cycles and price action.