Pundit Says Bitcoin Price Will Break Above $100,000 If This Happens
Technical analysis of the Bitcoin price chart suggests that the leading cryptocurrency is still on track to break above $100,000, given the pattern forming on the Bitcoin price chart. Notably, one analyst pointed to the formation of a wedge pattern on Bitcoin’s 4-hour candlestick time frame chart as a precursor to this bullish upward move, while dismissing previous predictions of bearish momentum for Bitcoin. head and shoulders pattern.
Wedge pattern: A breakout of $100,000?
according to to analysisNews posted on the TradingView platform revealed that Bitcoin is currently trading within a falling wedge pattern, which is often viewed as a bullish chart pattern in technical analysis. this Falling Wedge Analysis Prospects emerge after recent head and shoulders pattern failed Threatens to bring about pessimistic outlook Bitcoin’s short-term price trend.
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The cryptocurrency analyst dismissed previous concerns about this head-and-shoulders pattern, labeling it as “false,” and instead labeled it as “false.” Reinforcing the bullish outlook for Bitcoin. This head and shoulders pattern may cause Bitcoin falls below $90,000 mark and essentially negates the bullish outlook for the leading cryptocurrency.
As of now, a falling wedge pattern has been confirmed on the Bitcoin price chart. This falling wedge pattern has been forming since Bitcoin hit an all-time high of $108,135 on December 17. Additionally, the falling wedge is highlighted by the formation of lower highs and lower lows, all of which are hallmarks of bullish pattern formation.
Interestingly, recent price action over the past 24 hours suggests that Bitcoin is inching closer to the upper trendline of the descending wedge. Now that the pattern has been confirmed, the only thing left is a sharp break above the upper trendline, which would see Bitcoin trade above $100,000.
Bitcoin price now
Following the bounce from the $90,800 support on January 13, Bitcoin’s price action has once again shown a slight bullish trend in the past 24 hours. The upward rally comes after Bitcoin faced mounting pressure over the weekend and briefly threatened to fall below $90,000. Instead, the rebound has pushed Bitcoin prices up 6.8% in the past 48 hours.
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As of now, Bitcoin is trading at $97,000, which is close to resuming bullish momentum. Cryptocurrency is Only shy 3% A break above the falling wedge pattern’s upper trendline marks a possible end to the recent price correction.
However, current buying activity trends show a significant slowdown in investor participation, and may be preceded by renewed interest starting in late January and early February.
Featured image created using Dall.E, chart from Tradingview.com
