Bitcoin (BTC) is expected to make a significant move soon, according to analysts. After 87 days of consolidation, the world’s largest cryptocurrency is showing signs of breaking out.
Technical Patterns
Crypto analyst Faibik has identified a Descending Broadening Wedge pattern on Bitcoin’s daily chart, which suggests a price squeeze that often precedes a breakout. A surge past the $71,000 resistance level would be a bullish signal.
Historical Context
Analyst Mags compares the current consolidation phase to a butterfly in its chrysalis, suggesting a potential transformation. Historically, Bitcoin has consolidated around all-time highs before experiencing sharp price movements.
Key Resistance Level
Both Faibik and Mags agree that the $71,300 resistance level is crucial. A breakout above this level could trigger a bullish trend.
Conclusion
Analysts believe that Bitcoin is poised for a major move after a record-breaking consolidation phase. Investors should monitor the $71,300 resistance level closely for signs of a breakout.
