Bitcoin‘s price has demonstrated remarkable performance in the last few days, revisiting the pivotal $100,000 threshold. With the general crypto market recovery strong following recent news about Donald Trump’s inauguration as the new president of the United States, BTC could muster enough momentum to reclaim its current all-time high.
Key Chart Formation Emerges As Bitcoin Recovers
As momentum builds in the market, informative platform IC News has cited a price trend on the Bitcoin chart that might trigger a notable rally for BTC in the short term. Looking at BTC’s movements, the platform highlighted that a significant falling wedge formation is unfolding on its chart.
A falling wedge formation, often associated with bullish reversals, indicates that an upward move for BTC could be on the horizon. This impending chart pattern has captured the attention of traders and investors alike, sparking speculations about a 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 level twice. Meanwhile, the market is currently locked within the emerging large falling wedge formation.
Similar trends in the past have ignited the start of significant price spikes, increasing interest in 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 new highs in the coming months. Furthermore, IC News expects the rally to push BTC toward the $120,000 milestone, marking a new all-time high.
Has BTC Achieved Its Peak For This Cycle?
After reaching its current peak of $108,000 last month, Bitcoin witnessed a sharp descent, triggering heightened speculation that the asset may have reached its top for this cycle. However, some crypto analysts contend that BTC is not yet close to its top as it still has a long way to go in the current cycle.
Market expert and creator Stockmoney Lizards addressing the discussion and confusion in the community highlighted that Bitcoin is only 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 top of the channel as indicated in his chart. Furthermore, no Relative Strength Index-based top indication has been provided, and BTC’s price is still well above the blue channel following a brief retest.
As a result, the expert anticipates a rally all the way to the top, predicting a path to the $200,000 milestone by the year of the end. With on-chain metrics and historical trends showing potential for continued growth, the expected move to this cycle peak might kickstart in the following months.
Featured image from Unsplash, chart from Tradingview.com
