Bitcoin Technical Breakout Could Trigger Major Rally After Retest Confirmation

Based on the recent price movements since November, I have observed a promising Reverse Head and Shoulders (RHS) formation on Bitcoin's (BTC) chart that I have mentioned several times before. At the beginning of July, this technical pattern broke through its resistance level to the upside, and currently, it is undergoing a retest of that breakout point. Should the retest confirm support, it could trigger a significant upward surge in Bitcoin's price. I realize many investors are worried about the lack of upward movement in altcoins and are questioning what to do with their BTC holdings. However, it is crucial to remember that the overall strength of the cryptocurrency market often depends heavily on Bitcoin. Without a strong BTC, altcoins like Ethereum (ETH) tend to struggle to gain momentum. Hence, Bitcoin’s bullish confirmation could serve as a catalyst for broader altcoin rallies. In summation, the technical setup for Bitcoin is pointing towards a positive breakout scenario, provided the retest holds. This presents a potential buying opportunity if the retest confirms support, as a strong move up could be imminent, benefiting the entire crypto market including Ethereum and other altcoins.