The future looks bright for the battered Grayscale Bitcoin Trust shares (GBTC), a technical analyst told CoinDesk, pointing to an inverse or reverse head-and-shoulders pattern on GBTC's price chart.

The reverse head-and-shoulders structure is identified by three price toughs formed along a resistance line, with the middle trough being the lowest and the other two relatively smaller and similar in depth.

The occurrence of the pattern after a prolonged and notable downtrend, as in GBTC's case, is said to signal a potential bullish trend reversal. The bullish shift is confirmed once prices top the common resistance line, called the neckline by technical analysts.

(By Omkar Godbole)