Bitcoin’s price movement suggests potential for new all-time highs in the coming weeks, according to multiple market analysts, despite recent consolidation around the $96,000 level.
Technical analysis from Rekt Capital identifies key resistance at $97,700, with $101,000 as the next major target.
The cryptocurrency is currently testing a falling wedge pattern, historically a bullish formation, while maintaining stability at crucial trendline support.
Price data shows Bitcoin trading between $96,500 and $98,467 in the past 24 hours, with the asset holding a 100.2% gain over the past year.
Signs of Bullish Price Action
Bitcoin’s current price action reveals a falling wedge pattern on the daily timeframe, a formation historically associated with bullish reversals.
The cryptocurrency maintains support at a key diagonal trendline, currently intersecting near $96,235, which has provided stability during recent consolidation.
Rekt Capital’s analysis emphasizes the importance of securing a daily close above $97,700, identifying this level as crucial for building momentum toward the psychologically important $101,000 mark.
The recent price structure shows three distinct tests of the upper resistance, with Bitcoin reaching $105,145 before experiencing pullbacks.
Each rejection has been followed by higher lows, suggesting accumulation at these levels.
The falling wedge pattern, combined with decreasing selling pressure, indicates potential for a breakout, particularly as the pattern approaches its apex.
Current market data shows Bitcoin maintaining a trading range between $96,500 and $98,467, with volume patterns suggesting sustained institutional interest despite short-term volatility.
Bitcoin Price Could Mirror Gold’s Price Surge
The broader market sentiment suggests Bitcoin may be approaching a pivotal moment, with institutional interest remaining strong despite recent price fluctuations.
Gold’s performance, reaching new all-time highs, provides a potential parallel for Bitcoin’s trajectory, as noted by Michaël van de Poppe.
This correlation between traditional and digital safe-haven assets often precedes major market movements.
The technical structure shows particular strength at the diagonal support level, with volume patterns confirming sustained accumulation.
This behavior typically precedes major market moves, especially when combined with decreasing selling pressure at resistance levels around $97,700.
What Can Define Next Surge?
Bitcoin’s path to potential new all-time highs centers on several critical price levels that traders are monitoring closely.
The immediate challenge lies at $97,700, which Rekt Capital identifies as a crucial resistance level that requires a confirmed daily close above to validate bullish momentum.
Breaking this level could open the path toward $101,000, a key psychological barrier that coincides with previous market structure.
Looking at the macro perspective, analysts including Crypto Caesar suggest Bitcoin may be entering the final stage of its current market cycle, emphasizing the importance of strategic profit-taking.
The formation of a falling wedge pattern, typically a bullish signal, aligns with van de Poppe’s prediction of new all-time highs within 2-3 weeks.
This technical setup mirrors previous bull market patterns where consolidation periods preceded substantial upward movements.
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