Bitcoin Price Braking Out- Will It Mark New Highs Following a 2021-Like Rally?
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The Bitcoin bulls are finally back. The price is currently at the foothills of a massive explosion that may lift the price high. The BTC price in the daily chart broke above the rising wedge, which is largely considered bearish and jumped by more than 8% to mark the yearly highs above $31,000. However, the bears quickly jumped in to drag the price lower, but this may not halt the prevailing bullish trend.
In short-term trades, Bitcoin or any crypto is prone to shed some of its gains as it reaches the peak of the rising wedge pattern and visits the nearest support levels. However, in times when the BTC price fails to do so, a gigantic price action propels the price beyond the current highs, forming new ATHs.
The analyst here considers the historical chart of the BTC price since its inception and points out that the price has never broken down from a rising wedge if it has to leap long to mark a new ATH. A similar action was witnessed during the start of the previous bull runs in 2012, 2016, and 2021. Now that the price has broken above the rising wedge again, the probability of another bull run flashes.
As per the analyst prediction, the Bitcoin price may begin to soar high and maintain a huge upswing for the rest of 2023 which may be followed throughout 2024. By the end of 2024, the price is expected to surge beyond the milestone at $100K which may further achieve levels around $150K before falling under an acute bearish trend at the beginning of 2025.
