Bitcoin‘s price has demonstrated remarkable performance in the previous couple of days, revisiting the pivotal $100,000 threshold. With the overall crypto market recovery strong following recent news about Donald Trump’s inauguration as the brand new president of the US, BTC could muster enough momentum to reclaim its current all-time high.
Key Chart Formation Emerges As Bitcoin Recovers
As momentum builds out there, informative platform IC News has cited a price trend on the Bitcoin chart which may trigger a notable rally for BTC within the short term. Taking a look at BTC’s movements, the platform highlighted that a big falling wedge formation is unfolding on its chart.
A falling wedge formation, often related to bullish reversals, indicates that an upward move for BTC may very well be on the horizon. This impending chart pattern has captured the eye of traders and investors alike, sparking speculations a couple of possible continuation of the recent uptrend.
Following an investigation of the 1-day chart, IC News stated that BTC has been stabilizing below the crucial $100,000 mark after briefly surging above the extent twice. Meanwhile, the market is currently locked throughout the emerging large falling wedge formation.
Similar trends prior to now have ignited the beginning of great price spikes, increasing interest within the flagship asset’s next move. Given the market’s resurgence, a comparable scenario may occur, igniting the much-anticipated rally for Bitcoin to its all-time high.
Should the asset break the pattern to the upside with strong momentum, the platform foresees an explosive rise to recent highs in the approaching months. Moreover, IC News expects the rally to push BTC toward the $120,000 milestone, marking a recent all-time high.
Has BTC Achieved Its Peak For This Cycle?
After reaching its current peak of $108,000 last month, Bitcoin witnessed a pointy descent, triggering heightened speculation that the asset could have reached its top for this cycle. Nevertheless, some crypto analysts contend that BTC just isn’t yet near its top because it still has a protracted approach to go in the present cycle.
Market expert and creator Stockmoney Lizards addressing the discussion and confusion locally highlighted that Bitcoin is simply halfway to its top. His perspective comes after the flagship asset’s recent upsurge, reclaiming the $100,000 level.
Comparing this cycle with previous ones using the post-Halving trend, Stockmoney Lizards noted that BTC had not reached the highest of the channel as indicated in his chart. Moreover, no Relative Strength Index-based top indication has been provided, and BTC’s price continues to be well above the blue channel following a transient retest.
In consequence, the expert anticipates a rally all of the approach to the highest, predicting a path to the $200,000 milestone by the 12 months of the tip. With on-chain metrics and historical trends showing potential for continued growth, the expected move to this cycle peak might kickstart in the next months.
Featured image from Unsplash, chart from Tradingview.com