This year has been remarkably rough for Bitcoin and the broader crypto market, driven by unfavorable macroeconomic and political conditions. Even though BTC hit a new all-time high of $109,000 earlier this year, the flagship asset has been under robust bearish pressure, causing a drop to about $76,000. However, BTC has started to gain upward movements, which analysts believe could be a part of a bigger uptrend.
Next Major Move To Be Determined By Chart Pattern
As Bitcoin demonstrates upside momentum following its recovery above $87,000 again, a persistent trend has been identified in its current price action. Captain Faibik, a seasoned crypto analyst and trader has revealed that BTC’s price dynamics center around a key chart pattern, particularly the Falling Wedge formation.
A falling Wedge formation is a bullish technical set-up that indicates a potential price reversal in price direction often emerging after trading downwards for a period of time. It is formed by two converging trend lines that move downwards.
Delving into BTC’s current price performance, Captain Faibik highlighted that the asset continues to trade within the falling wedge pattern and seems to be gearing up for a bullish breakout. Bitcoin has maintained its position inside this key chart pattern despite recent price fluctuations, which suggests that a decisive move may be on the horizon.
The falling wedge pattern observed on the 1-day time frame chart has been forming for nearly 4 months. Even though the flagship asset might be gearing up for an upward breakout from the set-up, the market expert is confident that the price could revisit the $80,000 level before undergoing a breakout.
When the breakout occurs, Captain Faibik expects BTC to rally massively to its current all-time high of $109,000 in the upcoming weeks. Such a notable upsurge is likely to rekindle the bull market cycle, which many already believe has ended or is close to its end.
Considering Captain Faibik’s previous prediction, the much-anticipated bullish breakout will be happening in the next 10 days. Should the upward momentum be sustained after recovering the $109,000 mark, it could ultimately push Bitcoin to new all-time highs.
Upside Strength Building For BTC
A bullish move seems probable for BTC as several key indicators such as the Relative Strength Index (RSI) and Bollinger Band are displaying positive performance. A recent analysis from IC News, an informative platform reveals that the RSI has reached a value above 52, which implies that bulls are on the verge of taking complete control. The line’s gradient indicates a spike in demand for the flagship asset.
Furthermore, the Bollinger Band shows that Bitcoin’s price is approaching the upper band at the resistance level of $90,343. BTC’s break above the resistance level will trigger the continuation of the ongoing bullish momentum. However, IC News noted that a rejection at this point can trigger a pullback to $84,565 at the middle band and $78,788 at the lower band.
Featured image from Unsplash, chart from Tradingview.com
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