Technical analysis of the Bitcoin price chart shows that the leading cryptocurrency is still on track to break above $100,000 in light of a pattern formation on the Bitcoin price chart. Specifically, one analyst pointed to a gap pattern on Bitcoin’s 4-hour candlestick timeframe chart as a precursor to this bullish reversal move, while earlier estimates of bearish momentum stemming from a dismissing. Head-and-shoulders pattern.
Wedge Formation: A Breakout of $100,000?
according to To analyzeThat was posted on the TradingView platform, Bitcoin is currently trading within a falling gap pattern, which is often seen as a bullish chart pattern in technical analysis. This Falling gap analysis The view arose after the recent invalidation of a head-and-shoulders pattern Threatened to bring a recessionary outlook For short-term Bitcoin price action.
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Crypto analysts dismissed earlier concerns about this head and shoulders pattern, labeling it as “fake” and instead Reinforced a bullish outlook for Bitcoin. It threatened to send the head-and-shoulders pattern Bitcoin is below the $90,000 mark And essentially invalidating a bullish outlook for the leading cryptocurrency.
So far, the falling wedge pattern on the Bitcoin price chart is confirmed. This falling gap pattern has been building since December 17, when Bitcoin hit an all-time high of $108,135. Furthermore, this falling gap is highlighted by the formation of lower highs and lower lows, all of which are characteristic of bullish pattern formation.
Interestingly, the recent price action over the past 24 hours has seen Bitcoin close to the bearish gap uptrend. With this formation now confirmed, the only thing left is for a significant break above the upper trendline, which would send Bitcoin trading above $100,000.
Bitcoin price now
After rebounding from the $90,800 support level on January 13, Bitcoin price movement has displayed another modest bullish trend over the past 24 hours. This upward bounce comes as Bitcoin faced mounting pressure over the weekend and briefly threatened to fall below $90,000. Instead, the rebound has boosted Bitcoin’s price by 6.8% over the past 48 hours.
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As of now, Bitcoin is trading at $97,000, close to reclaiming its bullish high. Cryptocurrency is Just shy of 3% Breaking the uptrend of the falling gap pattern and registering what could be the end of the recent price correction.
However, current trends in buying activity indicate a significant slowdown in investor participation, and this may arrive before renewed interest action begins in late January and early February.
Featured image created with Dall.E, chart from Tradingview.com
