BTC 2021 - 2024

12 Jun 2023

I went back into the past and found descending triangles.

13 Jun 2023

Catatan

Bitcoin is currently forming a descending wedge pattern.. The descending wedge suggests that the selling pressure is starting to weaken and a breakout to the upside is likely.

There have been two previous descending wedges in Bitcoin's history, in 2013-2016 and 2017-2020. Both of these wedges resulted in significant breakouts to the upside. In the 2013-2016 wedge, Bitcoin broke out from the pattern and rallied from $266 to $1,242. In the 2017-2020 wedge, Bitcoin broke out from the pattern and rallied from $900 to $20,000.

The current descending wedge is similar in shape to the previous two wedges. The price is currently consolidating within the wedge and is nearing the apex of the pattern. A breakout to the upside is likely, with potential targets of $50,000 and $100,000.

The previous two descending wedges in Bitcoin's history suggest that the current wedge could also result in a significant breakout to the upside.