BitcoinThe price showed great performance in the last few days, as it revisited the pivotal limit of $100,000. With the strong recovery of the overall cryptocurrency market following the recent news about the inauguration of Donald Trump as the new President of the United States, BTC could gather enough momentum to reclaim its all-time high.
A key chart formation is visible as Bitcoin recovers
With the increasing momentum in the market, IC News information platform is here quote Price trend on Bitcoin chart that could lead to a noticeable rise for BTC in the short term. Looking at Bitcoin’s movements, the platform highlighted that a large falling wedge formation is unfolding on its chart.
The falling wedge formation, which is often associated with bullish reversals, indicates that an upward move for BTC could be on the horizon. This is imminent Chart style It has captured the attention of traders and investors alike, sparking speculation about the potential continuation of the recent uptrend.
After investigating the one-day chart, IC News reported that BTC settled below the crucial level $100,000 mark After briefly rising above the level twice. Meanwhile, the market is currently trapped within the emerging large falling wedge formation.
Similar trends in the past have led to the beginning of significant price spikes, leading to increased interest in the next move for the key asset. As the market resurfaces, a similar scenario could play out, igniting Bitcoin’s long-awaited rally to an all-time high.
In case the asset breaks the bullish pattern with strong momentum, the platform expects a massive rally to new highs in the coming months. Furthermore, IC News expects the rally to push BTC towards the $120,000 level, which would represent a major milestone. New all-time high.
Has BTC reached its peak for this cycle?
After reaching its current peak of $108,000 last month, Bitcoin has seen a sharp decline, sparking growing speculation that the asset may have reached its peak for this cycle. However, some cryptocurrency analysts confirm this Bitcoin It is not yet close to its peak as it still has a long way to go in the current session.
Market expert and creator of Stockmoney Lizards addresses the debate and confusion in the community Highlight That Bitcoin is only halfway to its peak. His view comes after the major asset’s recent rally, where it reclaimed the $100,000 level.
Comparing this cycle to previous cycles using the post-halving trend, Stockmoney Lizards noted that BTC has not reached the top of the channel as shown in its chart. Moreover, no higher indicator based on RSI is presented, and Bitcoin price The pair is still above the blue channel after a short retest.
As a result, the expert is forecasting a rise all the way to the top, anticipating a path to the $200,000 level by the end year. with Scales on the string And historical trends show the possibility of continued growth, the expected move to the peak of this cycle may begin in the following months.
Featured image from Unsplash, chart from Tradingview.com
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