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Cryptocurrency News Articles
Bitcoin (BTC) Price Undergoes Key Breakout From Bullish Pattern, Mags Forecasts a Huge Leg Up Targeting the $350,000 Mark
Oct 24, 2024 at 02:00 pm
Bitcoin's recent breakthrough from a Broadening Wedge pattern may increase hope for a possible upward rally for BTC as crypto analyst and trader, Mags points to this formation as a key indicator of upward momentum.
Bitcoin price displayed strong resilience on Friday, breaking through several key resistance levels and forming bullish technical patterns. This occurred despite a downswing in the broader cryptocurrency market, which led to a slowdown in BTC’s renewed upward movement.
Bitcoin price underwent a key breakout from a Broadening Wedge pattern, which could instill hope for a potential upward rally for BTC. As crypto analyst and trader Mags points out, this formation serves as a crucial indicator for an impending upward momentum. This particular breakout is highly significant and could propel a rally, especially considering the prolonged period of formation for the pattern.
The broadening wedge formation, which forms a widening wedge-like shape, is a key technical pattern that showcases a channel of expanding higher and lower resistance and support levels. This pattern is typically followed by a major price movement, which is characterized by rising volatility and price shifts.
According to the market expert, the flagship digital asset has continuously managed to stay on the positive side of any higher time frame pattern since it bottomed out at the $15,000 level, followed by a solid move on the upside. He highlighted that BTC has formed a broadening wedge pattern over the past few months, and it broke out to the upside once again, displaying strong bullish momentum.
With BTC breaking through important resistance levels, Mags’ prognosis suggests that the crypto-asset might be gearing up for a substantial upswing.
In another X post, Mags projected a huge leg up for Bitcoin, anticipating a potential spike to the $350,000 price level. Mags anticipates this move as BTC appears to be forming a massive Head and Shoulders pattern, which is a bullish technical formation that indicates an impending upward momentum.
His prediction suggests that if the pattern is confirmed, a breakout above could trigger the start of a massive price rally for BTC, showcasing his optimism regarding its potential in the short term. As the market sentiment continues to build, traders and investors will be keeping a close watch on Bitcoin's price movement for further validation of the bullish formation to help them position themselves ahead of the anticipated price surge.
BTC’s Price Falls Below 3-Month High
BTC’s price fell below its 3-month high of $67,000 on Friday, notching a decline after the digital asset failed to breach the $70,000 level earlier this week, signaling a further drop. Moreover, this recent decrease might be attributed to a shift in investors’ sentiment as they opt for profit-taking following a week-long upsurge.
It is also worth noting that BTC has been consolidating since its all-time high in March this year. However, there is still strong optimism regarding an upcoming rally, with some analysts speculating that this consolidation phase is setting the stage for the next major leg up.
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