Breakthrough: Classic Patterns Indicate a 10% Upside

Lark Davis (username on X as @TheCryptoLark) shared a Bitcoin chart on July 3, showing a clear breakthrough of the downward trend line.

Davis stated that this move could indicate a significant rise in gold prices to the level of $120,000.

The chart shows that Bitcoin has broken through a symmetrical triangle or wedge pattern. Davis marked this breakthrough with orange arrows and expects a rise of 9.77%. The breakout target is consistent with the potential volatility calculated based on the height of the pattern.

Technical indicators support a bullish outlook. The MACD histogram has turned green, while the MACD line crosses above the signal line. Volume increased during the breakout, further confirming the pattern.

Davis did not provide a specific timeline for the anticipated move but indicated that it could unfold in the coming days.

The chart shows that the three key exponential moving averages—20-day, 50-day, and 200-day—are all located below the breakout point. This trend suggests that there is persistent bullish momentum in the current market structure.