Technical analysis of the Bitcoin price chart shows that the leading cryptocurrency is still on its way to breaking above $100,000 in airy of patterns on the Bitcoin price chart. It is worth noting that the analyst pointed to the wedge formation forming on Bitcoin’s 4-hour candlestick chart as a precursor to this bullish move, while rejecting earlier predictions of bearish momentum resulting from head and shoulders pattern.

Wedge formation: breakout to $100,000?

According to for analysiswhich was published on the TradingView platform, Bitcoin is currently trading within a falling wedge formation, which is often seen as a bullish chart pattern in technical analysis. This falling wedge analysis The outlook comes after the recent invalidation of the head and shoulders pattern threatened to bring a bearish outlook on Bitcoin’s short-term price action.

A cryptocurrency analyst has dismissed previous concerns about this head and shoulders pattern, labeling it “false” and instead strengthened the bullish outlook for Bitcoin. That head and shoulders design was threatening to ship Bitcoin below $90,000 and essentially invalidate the bullish outlook for the leading cryptocurrency.

For now, there has been confirmation of a falling wedge on the Bitcoin price chart. This falling wedge pattern has been forming since December 17, when Bitcoin hit an all-time high of $108,135. Furthermore, this falling wedge has been accentuated by the formation of lower highs and lower lows, all of which are characteristic of a bullish pattern.

Interestingly, the recent price action over the last 24 hours has seen Bitcoin approach the upper trendline of the falling wedge. Once this pattern is confirmed, all that remains is a significant break above the upper trendline, which would take Bitcoin trading above $100,000.

Bitcoin price now

Bitcoin price movement over the past 24 hours has shown another slight uptrend after rebounding from the $90,800 support level on January 13. This upward rebound came after Bitcoin faced mounting pressure over the weekend and briefly threatened to fall below $90,000. Instead, the rebound has sent Bitcoin’s price up 6.8% over the past 48 hours.

Bitcoin is currently trading at $97,000, getting close to regaining its bullish momentum. Cryptocurrency is there only 3% are shy breaking the upper trendline of the falling wedge and registering what may signal the end of the recent price correction.

However, current trends in purchasing activity indicate a marked slowdown in investor participation, which may occur in delayed January and early February, before the renewal of interest begins.

Featured image created with Dall.E, chart from Tradingview.com