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Technical analysis of the Bitcoin price chart shows that the leading cryptocurrency is still on track to cross the $100,000 level in light of the pattern forming on the Bitcoin price chart. Notably, one analyst pointed to the formation of a wedge pattern on the Bitcoin 4-hour candlestick time frame chart as a precursor to this upward bullish movement, while denying previous expectations of bearish momentum emerging from… Head and shoulders pattern.
Wedge Formation: Breakout to $100,000?
According to To the analysiswhich was published on the TradingView platform, 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 The forecast arose after the recent head and shoulders pattern was invalidated It threatened to bring bearish expectations Bitcoin price movement in the short term.
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The cryptocurrency analyst dismissed previous concerns about this head and shoulders pattern, calling it “fake” and instead It boosted the bullish outlook for Bitcoin. This head and shoulders pattern was threatening submission Bitcoin is below the $90,000 mark Essentially invalidating the bullish outlook for the leading cryptocurrency.
As of now, there is confirmation of the falling wedge pattern on the Bitcoin price chart. This falling wedge pattern has been forming since December 17, when Bitcoin reached an all-time high of $108,135. Furthermore, this falling wedge is highlighted by the formation of lower highs and lower lows, all of which are characteristic of a bullish pattern formation.
Interestingly, the recent price action over the past 24 hours has seen Bitcoin approach the upper trend line of the falling wedge. With this formation now confirmed, the only thing left is a major breakout above the upper trend line, which would send Bitcoin trading above $100,000.
Bitcoin price now
Bitcoin price action over the past 24 hours showed another slight upward trend after bouncing from the $90,800 support level on January 13. This upward rebound comes after Bitcoin faced increasing pressure over the weekend and briefly threatened to fall below $90,000. Instead, the rebound pushed Bitcoin’s price up by 6.8% over the past 48 hours.
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As of now, Bitcoin is trading at $97,000, close to regaining its bullish momentum. Cryptocurrency is Only 3% are shy Breaking through the upper trend line of the falling wedge pattern and recording what could be the end of the recent price correction.
However, current trends in buying activity reveal a noticeable slowdown in investor engagement, and it may be until the end of January and beginning of February before renewed interest kicks in.
Featured image created with Dall.E, chart from Tradingview.com