Bitcoin Revisits $100,000 Threshold, Falling Wedge Formation Emerges As BTC Recovers

Bitcoin‘s price has demonstrated remarkable performance in the last few days, revisiting the pivotal $100,000 threshold. With the general crypto market recovery

Bitcoin price has shown an impressive performance over the last few days, revisiting the crucial $100,000 level once again. With the broader crypto market recovering well following the recent news about Donald Trump being sworn in as the new president of the United States, BTC could gather enough momentum to reach its current all-time high again.

A key chart formation emerges as Bitcoin recovers

As momentum builds in the market, a price trend on the Bitcoin chart has been spotted byの情報プラットフォームIC News that may lead to a strong rally for BTC in the short term. Observing BTC’s movements, the platform highlighted a significant falling wedge formation emerging on its chart.

A falling wedge formation, which is usually associated with bullish reversals, suggests that an upward move for BTC could be on the horizon. This emerging chart pattern has caught the attention of traders and investors alike, sparking speculations about a possible continuation of the recent uptrend.

After analyzing the 1-day chart, IC News noted that BTC has been consolidating below the crucial $100,000 level after briefly surging above it twice. At the same time, the market is now stuck within the emerging falling wedge formation at large.

Past instances of similar trends have marked the beginning of major price rallies, increasing interest in the next move for the flagship asset. Considering the resurgence in the market, a comparable scenario may lead to the much-anticipated rally for Bitcoin to its all-time high.

If the asset breaks out of the pattern to the upside with strong momentum, the platform anticipates an explosive rally to new highs in the coming months. Moreover, IC News expects the rally to push BTC toward the $120,000 milestone, marking a new all-time high.

Has BTC peaked for this cycle?

Following its recent peak at $108,000 last month, Bitcoin saw a rapid decline, leading to increased speculation that the asset may have topped out for this cycle. However, some crypto analysts believe that BTC is still far from reaching its top as it has a long way to go in the current cycle.

Highlighting the discussion and confusion among the community, market specialist and Stockmoney Lizards creator stated that Bitcoin is only halfway to its top. His perspective comes after the recent upsurge in the flagship asset, which has brought it back to the $100,000 level.

Comparing this cycle with past ones using the post-Halving trend, Stockmoney Lizards noted that BTC had not yet reached the top of the channel as indicated in his chart. Furthermore, there has been no Relative Strength Index-based top indication, and BTC’s price is still significantly higher than the blue channel after a brief retest.

Therefore, the expert anticipates a rally all the way to the top, expecting a path to the $200,000 milestone by the year’s end. With on-chain metrics and historical trends suggesting potential for continued growth, the anticipated move to this cycle peak may begin in the coming months.