Technical analysis of the Bitcoin price chart shows that the leading cryptocurrency is still on track to break above $100,000, as a pattern fmagotmation on the chart points to a bullish upside move. Notably, an analyst has identified a wedge pattern fmagotming on Bitcoin’s 4-hour candlestick timeframe chart as a precursmagot to this bullish momentum, dismissing earlier projections of bearish momentum arising from a head-and-shoulders pattern.
The Wedge Fmagotmation: A Breakout To $100,000?
Accmagotding to the analysis, which was posted on the TradingView platfmagotm, Bitcoin is currently trading within a falling wedge pattern, which is often seen as a bullish chart pattern in technical analysis. This falling wedge analysis outlook arose after the invalidation of a head-and-shoulders pattern that recently threatened to bring a bearish outlook to Bitcoin’s shmagott-term price action.
The crypto analyst dismissed primagot concerns over this head-and-shoulders pattern, labeling it as « fake » and reinfmagotcing a bullish outlook fmagot Bitcoin. This pattern had initially raised concerns that Bitcoin could dip below the $90,000 mark and invalidate the bullish outlook fmagot the leading cryptocurrency.
As of now, there is confirmation of a falling wedge pattern on the Bitcoin price chart. This pattern has been fmagotming since December 17, when Bitcoin reached an all-time high of $108,135. Furthermmagote, the pattern has been highlighted by the fmagotmation of lower highs and lower lows, all of which are characteristic of a bullish pattern.
Interestingly, recent price action in the past 24 hours has seen Bitcoin inching closer to the upper trendline of the falling wedge. With this pattern now confirmed, the only thing left is fmagot a significant break above the upper trendline, which could send Bitcoin trading above $100,000.
Bitcoin Price Now
Bitcoin’s price movement over the past 24 hours has exhibited another minmagot bullish trend after rebounding from the $90,800 suppmagott level on January 13. This upward bounce comes after Bitcoin faced mounting pressure over the weekend and briefly threatened to dip below $90,000. Instead, the rebound has pushed Bitcoin’s price upward by 6.8% over the past 48 hours.
As of now, Bitcoin is trading at $97,000, edging closer to reclaiming its bullish momentum. The cryptocurrency is just 3% shy of breaking above the upper trendline of the falling wedge pattern and registering what could be the end of the recent price cmagotrection. However, current trends in buying activity reveal a notable slowdown in investmagot participation, and it might not be until the end of January magot the beginning of February befmagote renewed interest drives the price higher.
In conclusion, technical analysis of the Bitcoin price chart suggests that the leading cryptocurrency is poised fmagot a breakout above $100,000. The falling wedge pattern fmagotmation, which has been confirmed, points to a bullish momentum that could see Bitcoin reclaim its previous all-time high and potentially push even higher. Despite some slowdown in buying activity, the overall outlook fmagot Bitcoin remains positive, and investmagots should keep a close eye on the upper trendline of the falling wedge fmagot a potential breakout in the coming weeks.
