Analyst Predicts Bitcoin Price Could Exceed $100,000 with Wedge Formation
Technical analysis indicates Bitcoin is poised to break above $100,000. Analysts identified a bullish falling wedge pattern on the 4-hour candlestick chart, dismissing previous bearish signals from a head-and-shoulders formation.
Key Points
- A falling wedge pattern suggests potential upward movement.
- The head-and-shoulders pattern has been deemed "fake" and not indicative of future price action.
- The falling wedge has formed since December 17, following an all-time high of $108,135.
- Bitcoin's recent price action shows a rebound from the $90,800 support level, increasing by 6.8% in 48 hours.
- Current price stands at $97,000, just 3% away from breaking the upper trendline of the falling wedge.
- Investor participation is slowing, which may delay renewed interest until late January or early February.
