Bitcoin’s (BTC) price movement indicates that the asset is testing the lower border of a key pattern. Holding above this level is critical to maintaining the positive trend. If Bitcoin bounces off this support, objectives of $72,000 and $100,000 are within reach. However, failure to hold could lead to a less exciting summer for traders, with possible sideways or lower action.
Crypto analyst Jelle, highlighted the importance of this level in his X post. He mentioned that BTC must hold the lower end of the ascending triangle pattern to keep the bullish momentum intact. If it breaks, the market could enter a period of stagnation. This sentiment is echoed by Mags, another top analyst, who believes the next leg up for BTC will be legendary.
The ascending triangle pattern consists of a flat upper resistance line around $72,000 and a rising support line. Bitcoin has tested the upper resistance multiple times but hasn’t broken through. The rising support line shows higher lows, indicating buyers are stepping in at higher prices over time.
Bitcoin (BTC) Poised for Potential Breakout Amid Bullish RSI DivergenceAt press time, BTC traded at $65,195.20, a value reduction of 0.13% in the last day, according to CoinGecko. The asset is at a critical juncture, testing the lower boundary of the ascending triangle. Holding this support line suggests the bullish pattern remains intact.
The potential upside targets if Bitcoin bounces off this support level are $72,000 initially and $100,000 as a long-term target. These targets highlight the potential for significant gains if Bitcoin breaks out of the ascending triangle.
In a bullish scenario, maintaining lower support and breaking out above the triangle could result in a strong continuation of the upward trend. If Bitcoin fails to maintain its lower support, the rising triangle pattern will be invalidated. This failure may result in a period of sideways or lower movement, making the summer less exciting for Bitcoin traders.
