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.
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.
Author: Godspower Owie
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