BTC Eyes Breakout Above 115K as Bullish Patterns Strengthen
Bitcoin prices exhibit strong bullish momentum near the black trendline, specifically in the 105,000 to 115,000 region. A break above 115,000 would likely trigger a strong surge toward the 140,000 region.
The orange circles along the trendline resemble the peaks seen in March and November 2021. However, this time, the formation of a cup pattern, the breakout from a descending broadening wedge, and the emergence of a bullish hammer at the 50-day SMA indicate that a breakout above 115,000 is likely.
BTC Eyes $140k after breakout
The daily chart for Bitcoin also shows that prices are trading above the red line at 105,000. However, the real breakout is expected at 115,000, as indicated in the weekly chart. A break above 115,000 would likely trigger a move toward 140,000 in the coming months. This target is based on the resistance of the descending broadening wedge pattern.
