Fun

Pundit Says Bitcoin Price Will Break Above $100,000 If This Happens

News Feed - 2025-01-16 01:01:30

Este artículo también está disponible en español.


Technical analysis of the Bitcoin price chart shows that the leading cryptocurrency is still on the way to breaking above $100,000 in light of a pattern formation on the Bitcoin price chart. Notably, an analyst has pointed to a wedge pattern forming on Bitcoin’s 4-hour candlestick timeframe chart as the precursor to this bullish upside move, while dismissing earlier projections of bearish momentum arising from a head-and-shoulders pattern. The Wedge Formation: A Breakout To $100,000?


According to the analysis, which was posted on the TradingView platform, Bitcoin is currently trading within a falling wedge pattern, which is often seen as a bullish chart pattern in technical analysis. This falling wedge analysisoutlook arose after the invalidation of a head-and-shoulder pattern that recently threatened to bring a bearish outlookto Bitcoin‘s short-term price action. Related Reading Analyst Who Predicted Bitcoin Price Crash To $89,000 Reveals Where BTC Is Headed Next 1 day ago


The crypto analyst dismissed prior concerns over this head-and-shoulders pattern, labeling it as “fake” and has instead reinforced a bullish outlook for Bitcoin.This head-and-shoulders pattern had threatened to send Bitcoin below the $90,000 markand essentially invalidate a bullish outlook for the leading cryptocurrency.


As of now, there is a confirmation of a falling wedge pattern on the Bitcoin price chart. This falling wedge pattern has been in formation since December 17, when Bitcoin reached an all-time high of $108,135. Furthermore, this falling wedge has been highlighted by the formation of lower highs and lower lows, all of which are characteristic of the bullish pattern formation. 


Interestingly, recent price action in the past 24 hours has seen Bitcoin inching closer to the upper trendline of the falling wedge. With this formation now confirmed, the only thing left is for a substantial break above the upper trendline, which would send Bitcoin trading above $100,000. Bitcoin Price Now


Bitcoin’s price movement over the past 24 hours has exhibited another minor bullish trend after a rebound from the $90,800 support level on January 13. This upward bounce comes after Bitcoin faced mounting pressure over the weekend and briefly threatened to dip below $90,000. Instead, the rebound has pushed Bitcoin’s price upward by 6.8% over the past 48 hours. Related Reading PEPE Marks Bottom After Scary Market Crash, Enters Wave 3 With Over 500% Promise 1 day ago


As of now, Bitcoin is trading at $97,000, edging closer to reclaiming its bullish momentum. The cryptocurrency is just 3% shyof breaking above the upper trendline of the falling wedge pattern and registering what could be the end of the recent price correction.


However, current trends in buying activity reveal a notable slowdown in investor participation, and it might reach towards the end of January and the beginning of February before the action of renewed interest begins. BTC bulls on the move for $100,000 | Source: BTCUSD on Tradingview.com Featured image created with Dall.E, chart from Tradingview.com

News Feed

Google Executive From India Joins Coinbase as Chief Product Officer
Google Executive From India Joins Coinbase as Chief Product Officer A Google executive from India has joined Coinbase as the new chief product officer after 11 years at Google. H
Mining Rig Makers Race to Create Next-Gen Ethereum Miner Before Staking-Only Kicks In
Mining Rig Makers Race to Create Next-Gen Ethereum Miner Before Staking-Only Kicks In The Ethereum network’s 2.0 transition has pushed the protocol to beco
Blockchain-Shy Bank of America Quietly Pilots Ripple Technology
Bank of America, the second-largest bank in the U.S., has quietly tested out Ripple’s distributed ledger technology – and may be planning to do more with it. Ripple we
FDIC Issues Crypto-Related Cease and Desist Orders to 5 Companies Including FTX US Exchange
FDIC Issues Crypto-Related Cease and Desist Orders to 5 Companies Including FTX US Exchange The Federal Deposit Insurance Corporation (FDIC) has sent a cease and desist letter to f
BlackRock has ‘no commercial relationship’ with Hedera, HBAR sinks 32%
Brayden Lindrea6 hours agoBlackRock has ‘no commercial relationship’ with Hedera, HBAR sinks 32%A BlackRock spokesperson confirmed the firm wasn’t directly involved in Archax and Ownera’s decision to tokenize sha
Tom Blackstone6 hours agoBase’s ‘Onchain Summer’ saw over 700K NFTs minted from 268K users in AugustThe “Onchain Summer” promotion drove activity to the new network, with hundreds of thousands of users minting
US Says North Korea Has 6,000 Hackers: Many in Belarus, China, India, Malaysia, Russia
US Says North Korea Has 6,000 Hackers: Many in Belarus, China, India, Malaysia, RussiaNorth Korea allegedly has about 6,000 hackers, many of whom operate abroad, according to a rece
Yoshitaka Amano, One of the World’s Greatest Illustrator, Character Designer, Joins Gensokishi Online Project
Yoshitaka Amano, One of the World"s Greatest Illustrator, Character Designer, Joins Gensokishi Online Project press release PRESS RELEASE. GensoKishi Online, the GameFi and metavers
Despite the Drop in Crypto Prices, Weekly NFT Sales Reach $4.7 Billion, Increasing 81%
Despite the Drop in Crypto Prices, Weekly NFT Sales Reach $4.7 Billion, Increasing 81% While crypto markets shed billions during the last seven days, non-fungible token asset sales
Bitcoin ETFs legitimized the crypto industry for investors — Storm Partners
Zoltan Vardai4 hours agoBitcoin ETFs legitimized the crypto industry for investors — Storm PartnersThe approval of the Bitcoin ETFs has offered investors a welcome sign of relief beyond the first publicly traded Bitcoi
Bitmain Cofounder Allegedly Expelled – Could Face Litigation for Operation Interference
Bitmain Cofounder Allegedly Expelled - Could Face Litigation for Operation InterferenceOne of the largest ASIC mining manufacturers worldwide, Bitmain, has allegedly ousted cofounde
How metaverse platforms could solve the loneliness epidemic
Zoltan Vardai9 hours agoHow metaverse platforms could solve the loneliness epidemicThe growing social media and online gaming usage will require more decentralized and community-owned alternatives.1523 Total views1 Total