Originally published on: August 12, 2024
A crypto trader suggests that Bitcoin’s price could soar to new heights if a specific chart pattern known as a descending broadening triangle is confirmed. According to analysis shared on social media, Bitcoin is currently moving within this pattern, signaling a potential breakout into price discovery territory.
The descending broadening triangle is a technical chart pattern typically seen during a downtrend, characterized by diverging lines connecting lower highs and lower lows. A break above the resistance of the triangle could indicate a bullish breakout.
The analyst compared Bitcoin’s current price action to a similar pattern seen in 2019-2020, which resulted in a 580% rally following a breakout. If history repeats itself, Bitcoin could surpass its previous all-time high of around $69,000.
While some experts predict a bullish trajectory for Bitcoin, the Fear & Greed Index shows a sentiment of “extreme fear” in the market. Despite this, traders remain optimistic about Bitcoin’s potential for a sustained uptrend.
Overall, traders anticipate Bitcoin’s price to remain consolidated above previous highs, with potential for a breakout in the near future. Stay tuned for more updates on Bitcoin’s price movements and market trends. Subscribe for critical insights and analysis to maximize your investment strategy.