Bitcoin appears to be on the verge of a major bull phase according to historical price trends. Past movements suggest a pattern of ascending channels followed by explosive rallies.
Historical Price Patterns Indicate a Powerful Uptrend
According to Javon Marks, Bitcoin has always made price movements along ascending wedges before significant breaks. The first such pattern formed in 2012, with subsequent growth until late 2013. This was followed by a correction, and another ascending channel before a sharp rise in late 2017. After the 2017 peak, Bitcoin entered a long consolidation period, which concluded with a rally in 2020.
Bitcoin Nears Key Resistance Level Amid Strong Buying Pressure
Currently, Bitcoin is approaching a resistance zone at $83,500 to $85,000 with a current price of $84,321.52. Market trends show strong demand at lower support levels, especially between $76,000 and $78,000. A break above $84,500 could trigger further upward momentum towards the next resistance level at $88,000.
The Prospects of Bitcoin's Further Growth
With strong market fundamentals and historical trends, Bitcoin's price structure remains optimistic. The ascending wedge pattern aligning with previous breakout cycles reinforces the likelihood of upward movement soon.
Historical trends and current market conditions suggest a potential bullish breakout for Bitcoin. Breaking above key resistance levels could serve as a catalyst for further growth.
