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Analyst: Falling wedge could lead Bitcoin to $10k in July

Over the past week, Bitcoin has managed to once again breach into the $8k zone, however, price action, for the most part, has been subdued within this level with BTC refusing to go much higher. However, analysts seem to believe the next catalyst for Bitcoins price action may already be forming…
Analyst: Falling wedge could lead Bitcoin to $10k in July
Right now Bitcoin (BTC) is citing a modest 1.18% rise in the last 14 hours, sitting at a current price of $8078:
BTC/USD Chart provided by Tradingview 
As the many analysts of crypto Twitter try to diagnose Bitcoin's next move, a few have pointed to its macro trend, suggesting that a head and shoulders (H&S) top may be forming within BTC.
One such analyst known as Cred, pointed this H&S top out, adding that it wouldn’t be confirmed until neckline resistance breaks.

Looks like a H&S top. Yes, it's not 'confirmed' until neckline breaks. Inexperienced traders still trade patterns too early.

If neckline resistance breaks, a bunch of early shorts will be offside & I expect trend continuation.

Personally not rebuying $7.6k if breakdown.
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The analyst was met with a fair bit of resistance himself as respondents urged that this H&S formation wasn’t actually valid:
Just as the highs of the shoulders, so should the lows of the shoulders be on the same level. No matter if ascending or horizontal.

Here highs are on a horizontal, lows on an uptrend, looks really scuffed to me and nothing I would ever solely rely on 😳👀
The point is it looks enough like one to induce shorts at the level. Hence if it gets invalidated (which would also break the S/R level up here) it'll be a nice trap + breakout to get long.

Pattern integrity has nothing to do with the case I am making here.
See Cred's other Tweets
Another trader known as Josh Olszewicz also pointed out the apparent H&S top formation suggesting that the validation of the formation could lead BTC as low as $6400:
Looking on the more positive side, The Cryptomist pointed out another formation, this time a falling wedge, believing that Bitcoin would likely work its way through the wedge until July where price action could lead BTC to $10k:

We are working our way towards wedge resistance. Target is 8360 region
We could peak above resistance, however do not get excited until daily close, I do anticipate a rejection here

I expect us to work through this wedge for rest of June and then take off July towards 10k
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Galaxy – another trader and analyst – also spotted this bullish formation, apparently travelling into the future to confirm it’s prognosis:

What do you think? Is Bitcoin doomed to fall victim to a H&S top? Or will a falling wedge prove to be BTC’s saving grace?  Let us know your thoughts in the comments! 

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