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Bitcoin

Bitcoin’s Breakout From Broadening Wedge Pattern Setting The Stage For Potential Rally?

Godspower Owie
by Godspower Owie
10 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin is displaying strong resilience, breaking through several key resistance levels and bullish technical patterns in spite of a downswing across the general cryptocurrency market, leading to a slowdown in BTC’s renewed upward movement.

Bitcoin Undergoes Key Breakout From Bullish Pattern

Bitcoin’s recent breakthrough from a Broadening Wedge pattern may increase hope for a possible upward rally for BTC as crypto analyst and trader, Mags points to this formation as a key indicator of upward momentum. This particular breakout is crucial and could fuel a rally given the lengthy period of formation.

Related Reading: Bitcoin’s Uptober Breakout In Sight: Here Are The Next Potential Critical Levels

The broadening wedge formation which forms a shape that resembles a widening wedge is a key technical pattern that shows a channel of high and low resistance and support levels expanding. A major price shift is often preceded by this pattern, which is defined by rising volatility and price fluctuations.

According to the market expert, the flagship digital asset has persistently emerged on the positive side of every higher time frame pattern since it bottomed out at the $15,000 mark, followed by a solid movement on the upside.

He highlighted that BTC had created a broadening wedge pattern over the past few months, and it broke out to the upside once more, demonstrating strong bullish momentum. With BTC surpassing important resistance levels, Mags’ prognosis suggests that the crypto asset may be gearing up for a significant upswing.

Bitcoin
BTC poised for upward movement following a breakout from a broadening wedge formation | Source: Mags on X

In another X post, Mags forecasted a huge leg up for Bitcoin, projecting a potential spike to the $350,000 price mark. Mags foresees a move to the level as BTC seems to be forming a massive Head and Shoulders pattern, an optimistic indicator of upside momentum.

His prediction suggests that in the event that the pattern is confirmed, a breakout above could trigger the beginning of a huge price growth for BTC, demonstrating his confidence in its potential in the short term.

As market sentiment continues to build, traders and investors are closely watching Bitcoin’s movement for further validation of the bullish formation in order to position themselves ahead of the much-anticipated price surge.

BTC Falls Below Its 3-Month High

BTC‘s price has fallen below its 3-month high of $67,000 today. This drop comes after the digital asset failed to surpass the $70,000 level earlier this week, signaling a likelihood of further decline. Furthermore, this recent drop might be attributed to a shift in investors’ sentiment as they move toward profit-taking following a week-long upsurge.

Related Reading: Bitcoin Investor Predicts Further Upside As Dominance Hits 42-Month High

It is worth noting that BTC has been consolidating since its all-time high in March this year. However, there is still strong confidence about an upcoming rally with some analysts predicting that the consolidation phase is laying the foundation for the next massive leg up.

Bitcoin
BTC trading at $66,249 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from Unsplash, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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