As an analyst with over two decades of market analysis under my belt, I find myself intrigued by Bitcoin’s latest price movement. Breaking above a descending falling wedge pattern is indeed a significant development, though it’s essential to remember that a successful breakout isn’t confirmed until the daily candle closes above the resistance.
Today, Bitcoin experienced a substantial price surge, peaking at $67,803, surpassing the downward sloping trendline formation (known as a falling wedge) on its daily graph.
As an analyst, I’ve been closely watching the recent surge in Bitcoin’s price, but it hasn’t managed to end a daily trading session above the current resistance level yet. A successful breakout would require this to happen and serve as confirmation that the upward trend is indeed genuine.
Despite this recent event, it has ignited renewed discussions among well-known cryptocurrency analysts. Many of them are currently expressing their updated views on where Bitcoin might head next after this significant shift.
Analysts Weigh In On Bitcoin Wedge Pattern Breakout
In a recent post, an analyst on CryptoQuant, using the alias ‘Papi’, described the falling wedge pattern as the “2024 doubt area” or “2024 hesitation zone”. Papi posed the question: “Will 2024 be any different from the unbeaten trend so far?
The analyst noted that for the first time in four days, Bitcoin has managed to hold its price above the “danger zone,” which is a positive development. Additionally, he highlighted that increased open interest (OI) and ETF activity suggest a bullish trend, even though the net flow on derivative exchanges remains unchanged.
Papi pointed out that we might not see a surge just yet, but we’re almost there,” he said, stressing the significance of dollar-cost averaging during this phase of consolidation. He also mentioned the levels at around $60,000 and the middle of the $50,000 range as robust safety nets, in case of any reversal or pullback.
Road to $90,000?
Although it experienced a slight dip, Bitcoin currently stands at $66,047, marking a 0.2% increase over the past day. This temporary setback has not discouraged financial experts from making optimistic forecasts. Notably, Captain Faibik, a renowned crypto analyst, recently shared his insights on Bitcoin’s price fluctuations via platform X.
He noted, “So far, so good… Bitcoin is once again heading towards the $68k crucial resistance. A successful wedge breakout could send Bitcoin to $88k-$90k in November.” Faibik remains optimistic, anticipating a larger move upwards if BTC can clear this key resistance level.
Just like another well-known analyst, RektCapital, has recently voiced his opinion on the ongoing price movement. He highlighted Bitcoin’s past rejections at the top of its descending trendline, mentioning that earlier pullbacks showed a progressive deepening trend.
The analyst noted: “Right now, Bitcoin has its initial opportunity to demonstrate that the resistance at the upper end of its downward trending channel is becoming less strong, as indicated by this rejection.
#BTC
Here are historical rejections from the Downtrending Channel Top (red)
From mid-March, the rejections have resulted in progressively deeper pullbacks:
Initially -17% followed by -22% then -26% then -29%
This current rejection is Bitcoin’s first chance to show that this…
— Rekt Capital (@rektcapital) October 15, 2024
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2024-10-16 15:40