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Bitcoin

Bitcoin’s Power Play: BTC Maintaining Critical Chart Formation Sparks Upside Potential

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

Bitcoin‘s potential for a significant upside move in the short term continues to gain traction as a positive price trend emerges on its daily chart. With upward momentum currently building, the much-anticipated next move will put the digital asset back above the pivotal $100,000 mark.

A Bullish Price Breakout For Bitcoin On The Horizon?

In a recent analysis, Trader Tardigrade, a technical expert and trader, cited a price trend that suggests Bitcoin could be poised for a notable spike in the upcoming days. Bullish predictions like this are rising within the community again following BTC’s recent rally that brought its price close to the $100,000 point on Christmas.

Related Reading: Bitcoin Preparing For Its Next Major Market Surge – Here’s How High It Will Go

Trader Tardigrade, navigating BTC’s price action, highlighted that the asset continues to maintain Ascending Channel formation despite recent waning price performances. With the potential of a breakout on the upside, this development signals robust market confidence and resilience.

According to the expert, the Bitcoin Ascending Channel has held steady after making a false break from the pattern’s lower support line. Since the recovery of the channel, BTC has retested the support line just below $98,000 once again which is crucial for its next trajectory.

In the event that Bitcoin sustains this level, Trader Tardigrade expects a move to the channel’s upper resistance line located at the $110,000 level. As institutional interest and retail investor sentiment grow, BTC’s breakout from this bullish pattern may fuel a much larger rally to uncharted territory. Thus far, the market is closely monitoring for catalysts that may trigger the much-expected surge to this cycle’s peak as confidence in BTC’s prospects grows.

Bitcoin
Ascending channel pattern holds steady | Source: Trader Tardigrade on X

Bitcoin has demonstrated positive price moves over the last few days, indicating renewed strength. On Wednesday, Trader Tardigrade revealed that the crypto asset closed above a key resistance level, marking a breakout from a Descending Channel formation.

The descending channel pattern is characterized by two downward parallel trend lines representing lower highs and lower lows. As the cryptocurrency escapes the downside action that has defined the channel for several weeks, this breakout indicates a change in price trend. Due to this, the analyst is confident that BTC could rally to the $100,000 mark shortly and reach new all-time highs.

Daily Price Outlook Turning Positive

After starting the day on a bearish note, BTC is gradually transitioning toward a bullish outlook. Presently, the digital asset is valued at $96,510, indicating a 1% increase in the past day.

Related Reading: Bitcoin Crashes Back To $95,000 As Whale Exchange Inflows Exceed $3 Billion

Bitcoin’s recent decline is partially attributed to a significant inflow of BTC into crypto exchanges. This development is often seen as a sign of a potential sell-off in the market, causing investors to secure gains. Following a protracted decline in exchange reserves, this shift may serve as a precursor to short-term market turbulence.

Bitcoin
BTC trading at $96,515 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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