The last time Bitcoin closed above the EMA Ribbon was after a double bottom + Higher High, which sent the king cryptocurrency parabolic from $8,000 to $64,000.

"$230,000 is the next touch of the dotted line which is a good indicator for a possible next top of BTC.

Bitcoin initiated with the pattern since the beginning of the 2019 flip. The asset rebounded from the lows firmly at $3100 and surged high to hit $64,000 in 2021.

Further, the asset plunged and again smashed the current ATH close to $70K. In the due course, it formed a double bottom as it had formed before.

Therefore, if the BTC price follows a similar pattern then, no stronger sell area may be encountered before it smashed $200K somewhere close to the end of 2023 as predicted by the analyst.

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