Image may be NSFW.
Clik here to view.
- Bitcoin reclaims its $105,000 price mark sparking bullish expectations for a new ATH.
- Analysts notice many bullish indicators on the BTC price chart.
- BTC just broke out of a years-long bullish megaphone formation.
Bitcoin has reclaimed the $105,000 price target as it continued slowly upward in its current bullish sideways movement. Top reputed analysts believe the pioneer crypto asset is working its way to set a new ATH possibly at the $120,000 price mark. Adding to the bullish fervor are the many bullish indicators on the BTC price chart.
BTC Breaks Out of Years-Long Megaphone Formation
As we can see from the post above, one analyst sees a breakout in a bullish price pattern that the pioneer crypto asset had built over many years. In detail, the FOMC today and the BTC price chart depicts a huge bullish megaphone pattern that formed over a few years starting in 2021 which finally broke out.
Bitcoin’s Next Bullish Steps
Another bullish pattern seems to be indicating where Bitcoin’s current buildup is heading towards next. Based on the post above, this analyst notes that Bitcoin is rebounding right into the light blue diagonal resistance of its current triangular pattern as shown in the image in the post.
It highlights that within its $101,000 and $106,000 range, BTC will need a daily close above the top of this light blue pattern to position itself for a pattern breakout. Thus, for a challenge to revisit the Range Highs Daily Close above the diagonal is essential, as before BTC has produced upside FOMO wicks which have preceded rejections.
