BitcoinThe potential for a significant short-term upward movement continues to gain momentum with a positive price trend emerging on the daily chart. With bullish momentum currently building, the long-awaited next move would take the digital asset back above the pivotal $100,000 mark.
Is a bullish Bitcoin price breakout on the horizon?
In a recent analysis, Trader Tardigrade, technical expert and trader, quote The price trend indicates that Bitcoin may be poised for a significant rally in the coming days. Such bullish expectations are rising within the community once again after BTC’s recent surge took its price close to the $100,000 point on Christmas.
Trader Tardigrade, who navigates BTC’s price action, highlighted that the asset continues to maintain an ascending channel formation despite the recent decline in price performance. With the potential for a breakout to the upside, this development indicates strong confidence and resilience in the market.
According to the expert, the Bitcoin bullish channel remained stable after a false breakout of the pattern’s lower support line. Since the channel was restored, BTC has retested supports The line is just below $98,000 again which is crucial to its next trajectory.
If Bitcoin holds this level, the Tardigrade trader expects to move to the upper resistance line of the channel located at $110,000 level. As institutional interest and retail investor sentiment grow, a BTC breakout of this bullish pattern could lead to a much larger rally into uncharted territory. So far, the market is closely watching the catalysts that could lead to the much-anticipated rally to the peak of this cycle as confidence in Bitcoin’s prospects grows.
Bitcoin has shown positive price movements over the past few days, indicating renewed strength. On Wednesday, the Tardigrade Trader open The cryptocurrency asset closed above a key resistance level, marking a breakout from a descending channel formation.
A descending channel pattern is characterized by two parallel descending trend lines that represent lower highs and lower lows. With the cryptocurrency surviving the bearish move that has defined the channel for several weeks, this breakout signals a change in price direction. As a result, the analyst is confident that Bitcoin could rise to the $100,000 level soon and reach New all-time highs.
Daily price forecasts turn positive
After starting the day on a bearish note, Bitcoin Gradually shifting towards bullish outlook. Currently, the value of the digital asset is $96,510, indicating a 1% increase in the past day.
Bitcoin’s recent decline is partly attributed to the large influx of BTC to cryptocurrency exchanges. This development is often seen as a sign of a potential market sell-off, locking in investors Gains. Following a prolonged decline in foreign exchange reserves, this shift may be a precursor to short-term market turbulence.
Featured image from Unsplash, chart from Tradingview.com
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