Bitcoin’s price action has formed a bullish pattern, hinting at a substantial price breakout. According to Mister Crypto, a digital asset market analyst, the cryptocurrency is in the final stages of a falling wedge formation. This pattern suggests weakening bearish momentum and a possible price surge upon breakout.
Historically, Bitcoin has experienced strong price rallies following previous formations of a falling wedge. In the past two years, the premier cryptocurrency has surged for an average of 54 days, producing an average gain of 67.5%. A confirmed breakout from its current falling wedge could lead to a 77% increase in price, indicating a strong bullish market.
Meanwhile, investors are showing growing confidence in Bitcoin’s price appreciation. Data from CryptoQuant shows that over 10,000 BTC have been transferred out of crypto exchanges and into personal decentralized wallets, valued at $842.9 million. This development is strongly bullish, as it indicates investors are choosing to hold onto their assets rather than selling.
To confirm an uptrend, Bitcoin must break above $84,700 and avoid any retrace. Immediate resistance lies at $86,800 and $90,774. The current price of $84,309 reflects a 0.14% loss in the past 24 hours, while the 7-day chart shows a 0.39% decline.
Source: https://www.tradingview.com/news/newsbtc:7111df35a094b:0-bitcoin-s-bullish-pattern-returns-is-a-massive-uptrend-imminent