BTCUSD Come on Baby, You are Ready to Bullrun1. Current Price Action
Price is trading at around $64,719, approaching the previous all-time high of $67,752.
There appears to be a breakout from a downward wedge pattern, indicating a potential continuation of the uptrend.
The price target projected from this wedge is aiming towards higher levels.
3. Future Price Targets
1.272 Fibonacci extension is marked at $100,214, which seems to be the next major target on the upside if the price breaks above the previous all-time high ($67,752).
The chart suggests that there’s a good probability of Bitcoin rallying towards this level if bullish momentum continues.
4. Trend Analysis
The breakout from the wedge is significant, as wedge patterns often signal the end of a corrective phase. The breakout suggests that the market could resume its bullish trend after the consolidation.
If Bitcoin sustains its price above $67,752, it would likely confirm a new bull run, with Fibonacci extensions providing potential targets for the next leg up.
5. Support Levels
On the downside, the first major support is around the 0.786 Fibonacci retracement at $49,793.
Below that, significant supports include $39,099 (0.618 Fibonacci level) and $32,992 (0.5 level).
