Bitcoin Analyst Predicts Bullish Breakout or Bearish Continuation at Key Level

Bitcoin's price is currently in the mid-$90,000s after showing strength over the past 48 hours. Technical analyst Jackis notes potential paths for Bitcoin's rise amidst its near-term consolidation and attempts to break above $95,000.

Key Insights

Bitcoin has increased by 3.1% in the past 24 hours, trading above $95,000.
The current price action suggests both bullish and bearish possibilities, with traders advised to rely on chart patterns.
The 8-hour candlestick timeframe shows Bitcoin forming an ascending triangle pattern, which historically can lead to either upward reversals or bearish continuations.
Jackis sees more reasons for a downward continuation unless proven otherwise by market trends.

Scenarios

Bullish: A breakout toward $96,000 could signal a bullish continuation, potentially pushing Bitcoin to $107,000 or higher.
Bearish: If Bitcoin loses the lower trendline of the ascending trend, it might revert to April 24 lows, previously bottoming around $76,000.

Bitcoin Chart

Price confirmation is crucial as a breakout in either direction can be rapid, and being on the wrong side might be costly.