- BTC is consolidating within an ascending broadening wedge, maintaining key $91K support despite multiple retests.
- The wedge pattern’s measured move target is $138K, indicating an upside prospect if the breakout occurs.
- A breakout above the wedge’s upper trendline confirms bullish continuance, while a breakdown below $91K starts downside risks.
Bitcoin is trading within an ascending wedge pattern, a technical formation that has implications for its next move. The wedge has a lower support level around $91,000, which has held firm despite repeated tests.
Ascending Broadening Wedge Pattern
In recent months, BTC’s price has shown a strong upward trajectory, as indicated by the steep rally in late 2024. This rally was followed by consolidation, forming the current ascending broadening wedge.
The ascending broadening wedge pattern is depicted by two diverging trendlines, with prices oscillating between the expanding boundaries. This mark can serve as either a continuation or reversal signal, depending on the path of the breakout. Bitcoin’s presence within this formation raises the potential for a decisive move in the coming sessions.
Key Support and Upside Potential
According to a chart by Mags, the $91,000 level has acted as key support, holding firm despite multiple retests. Bitcoin’s current price of $93,990 remains above this critical level. The wedge pattern projects a measured move target of $138,000, calculated based on the pattern’s height.
Source: Mags(X)
This technical formation can indicate either continuation or reversal, depending on the breakout direction. A breakout above the upper trendline would confirm the bullish continuation scenario. Conversely, a breakdown below the $91,000 support could invalidate this outlook and trigger
During this consolidation BTC’s stability is being secured each and every time BTC breaks the $91,000 support level. So long as this support exists the likelihood of an upside breakout increases. The wedge upper boundary has been identified by the analysts as a territory to watch out for, though, a break above it would indicate further bullishness.
The measured move target for the wedge pattern is estimated at $138,000. This calculation is based on the height of the wedge and its projected breakout trajectory. If Bitcoin achieves this target, it would represent a significant upward movement from its current price range.
