{"id":661,"date":"2024-10-16T13:00:15","date_gmt":"2024-10-16T13:00:15","guid":{"rendered":"https:\/\/coinsvalue.net\/blog\/bitcoin-finally-breaks-above-falling-wedge-pattern-heres-the-next-target\/"},"modified":"2024-10-16T13:00:15","modified_gmt":"2024-10-16T13:00:15","slug":"bitcoin-finally-breaks-above-falling-wedge-pattern-heres-the-next-target","status":"publish","type":"post","link":"https:\/\/coinsvalue.net\/blog\/bitcoin-finally-breaks-above-falling-wedge-pattern-heres-the-next-target\/","title":{"rendered":"Bitcoin Finally Breaks Above Falling Wedge Pattern\u2014Here\u2019s The Next Target"},"content":{"rendered":"

Bitcoin has seen a significant price movement today, reaching a high of $67,803, breaking above a descending falling wedge pattern on the daily chart.<\/p>\n

While this breakout has captured attention, Bitcoin is yet to close a daily candle above this resistance, which would confirm the breakout as successful.<\/p>\n

Regardless, this development has sparked fresh analyses from prominent crypto commentators, many of whom are now sharing their latest insights on the next target for Bitcoin following this pattern breakout.<\/p>\n

Analysts Weigh In On Bitcoin Wedge Pattern Breakout<\/h2>\n

A CryptoQuant analyst, known by the pseudonym Papi, referred to the falling wedge pattern as the 2024 “nope zone” in a recent post<\/a>. Papi stated, “2024’s Nope Zone is undefeated. For now. Will this time be different?”<\/p>\n

\"Bitcoin<\/p>\n

He pointed out that this is the first time Bitcoin has retested the price successfully above the “nope zone” on a four-day chart. The analyst also mentioned\u00a0that high open interest (OI) and ETF flows showed bullish signals, although net flows on derivative exchanges remained\u00a0neutral.<\/p>\n

“Even if we don’t break out this time, we are getting very close,” Papi added, emphasizing the importance of dollar-cost averaging during this period of consolidation. He also highlighted the support levels at $60,000 and the mid-$50,000 range as strong backstops in case of any pullback.<\/p>\n

Road to $90,000?<\/h2>\n

Despite the initial breakout, Bitcoin has faced a minor correction, trading at $66,047, up by 0.2% in the past 24 hours. This small pullback has not deterred analysts from making bullish predictions. Captain Faibik, another well-known crypto analyst, took to X to comment on Bitcoin\u2019s price movement.<\/p>\n

\"Bitcoin<\/p>\n

He larger move upwards if BTC can clear this key resistance level.<\/p>\n

\"Bitcoin<\/p>\n

Similarly, another prominent analyst, RektCapital, shared his perspective<\/a> on the current price action. RektCapital pointed to Bitcoin’s historical rejections from the downtrending channel top, noting that previous pullbacks were progressively deeper.<\/p>\n

The analyst added: “This current rejection is Bitcoin’s first chance to show that this downtrending channel top resistance is weakening as a point of rejection.”<\/p>\n

\n

#BTC<\/a><\/p>\n

Here are historical rejections from the Downtrending Channel Top (red)<\/p>\n

From mid-March, the rejections have resulted in progressively deeper pullbacks:<\/p>\n

Initially -17% followed by -22% then -26% then -29%<\/p>\n

This current rejection is Bitcoin’s first chance to show that this\u2026 https:\/\/t.co\/wXePIvVs5D<\/a> pic.twitter.com\/k2lMLje0yO<\/a><\/p>\n

\u2014 Rekt Capital (@rektcapital) October 15, 2024<\/a><\/p>\n<\/blockquote>\n

Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin has seen a significant price movement today, reaching a high of $67,803, breaking above a descending falling wedge pattern on the daily chart. While this breakout has captured attention, Bitcoin is yet to close a daily candle above this resistance, which would confirm the breakout as successful. Regardless, this development has sparked fresh analyses…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[56,181,84,55,61,62,36,85,86],"class_list":["post-661","post","type-post","status-publish","format-standard","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-market","tag-bitcoin-news","tag-btc","tag-btcusdt","tag-crypto","tag-crypto-market","tag-cryptoquant"],"_links":{"self":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts\/661","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/comments?post=661"}],"version-history":[{"count":0,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts\/661\/revisions"}],"wp:attachment":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/media?parent=661"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/categories?post=661"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/tags?post=661"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}