The Bitcoin price has continued on its consolidation path below the $99,000 price level, but investors remained determined to break above six digits. An analysis on the TradingView platform relays this bullish sentiment, with crypto analyst Waslad advising investors to hold onto their BTC.

BTC’s Bullish Setup Within A Broadening Wedge Pattern

As the analyst pointed out, the Bitcoin price has been trading in a broadening wedge pattern since early November. This technical structure has been highlighted by a series of higher highs and higher lows. Waslad’s analysis focuses on the movement of the BTC price within this broadening wedge pattern, with the target well beyond the $100,000 mark.

However, the analyst highlighted the $99,600 price level as the most significant obstacle preventing a $100,000 Bitcoin price. A successful breakout of this level would not only increase investor confidence but also set the stage for the Bitcoin price to achieve its next major price target of $100,000. 

The analyst advises re-accumulating BTC within its current trading range, suggesting that the $99,600 level serves as an ideal cap for those looking to capitalize on the anticipated breakout. Should BTC clear the $99,600 resistance, Weslad predicted a sharp rally, with the Bitcoin price reaching the $115,000 to $117,000 range. This translates to a 19% and 21% increase, respectively, from the current Bitcoin price. This projection aligns with broader market sentiment, as many traders anticipate further upside in the ongoing bullish cycle.

Risky Moves For Bitcoin

Despite the bullish sentiment surrounding the Bitcoin price, recent holder dynamics have risen that might increase selling pressure. Particularly, on-chain data has brought attention to a significant transaction by the US government, which moved approximately 20,000 BTC valued at around $1.92 billion at current market rates to Coinbase wallets.

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Author: Scott Matherson