BitcoinUpdated BTC 2021 - 2024
I went back into the past and found descending triangles.
Note
Bitcoin is currently forming a descending wedge pattern.. The descending wedge suggests that the selling pressure is starting to weaken and a breakout to the upside is likely.There have been two previous descending wedges in Bitcoin's history, in 2013-2016 and 2017-2020. Both of these wedges resulted in significant breakouts to the upside. In the 2013-2016 wedge, Bitcoin broke out from the pattern and rallied from $266 to $1,242. In the 2017-2020 wedge, Bitcoin broke out from the pattern and rallied from $900 to $20,000.
The current descending wedge is similar in shape to the previous two wedges. The price is currently consolidating within the wedge and is nearing the apex of the pattern. A breakout to the upside is likely, with potential targets of $50,000 and $100,000.
The previous two descending wedges in Bitcoin's history suggest that the current wedge could also result in a significant breakout to the upside.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.