Bitcoin (BTC) Eyes Record High Above $126K With 'Bullish Wedge'
Bitcoin is forming a bullish falling wedge pattern after a pullback, suggesting a potential rally toward new highs above $126,000.Summary
Bitcoin's recent price correction from its $126,000 record high down to near $106,000 is shaping a classic bullish falling wedge pattern, according to CoinDesk analyst Omkar Godbole. This pattern, characterized by converging downward trendlines, historically signals waning selling pressure and precedes upward breakouts, suggesting the current consolidation could lead to renewed buying interest.
A confirmed breakout above the wedge's upper boundary, currently around $106,000-$107,000, could propel BTC toward $126,000 and potentially new records, supported by demand resurgence in spot markets and ETFs. However, traders must remain vigilant as these patterns can fail; a sustained break below the pivotal $100,000 support level could trigger a deeper correction toward $90,000.
(Source：CoinDesk)