Bitcoin Breaks 60-Day Downtrend—$100K Next or a Correction?

• A successful break of BTC past an established lower-high pattern indicates possible short-term bullish momentum that will be followed by a correction.
• The cryptocurrency market watches the $100K resistance area because Bitcoin draws nearer to reaching $92K and $100K yet strong selling pressure might lead to an opposite trend.
• Research shows that Bitcoin may revert through a wave C correction following its achievement of fresh short-term elevated levels.

Bitcoin has recently broken out of a 60-day lower-high pattern, potentially setting the stage for a notable price correction. The cryptocurrency has demonstrated the initial indication of price reversal through downward pressure which could lead to a short-term bullish movement before it undergoes a deeper market correction.

Technical Breakout and Market Trends

The digital asset had maintained a decreasing trendline structure throughout the past two months while establishing new high points below previous ones. Bitcoin recently broke through its descending price trend which indicates changing market sentiments. As traders observe the breakout they anticipate Bitcoin will reach $100,000 while waiting for a notable downturn.

Bitcoin has established a corrective wave pattern since it started moving upwards through a first phase known as wave B that might push prices to new peaks before wave C launches a downward trend. Similar historical trends showcase this pattern as a brief period of bull-market strength that precedes an intensified bear-market reduction.

Support and Resistance Levels

Currently, Bitcoin is trading around the $87,817.09 range, reflecting a steady climb from recent lows. The Bitcoin market shows resistance at $92,000 as well as $100,000 which could become significant points for potential selling pressure. 

The ascending trendline supplements the strong support around $80,000 but both indicators remain steady in the same position.

The next significant obstacle for Bitcoin price growth lies between its current level and the psychological milestone of $100,000. If Bitcoin fails to sustain its position at this resistance area prices might start moving downward toward alternative support ranges.

Potential Risks and Market Sentiment

Increased volatility is expected, particularly if Bitcoin fails to maintain upward momentum.A potential wave C correction would likely pull Bitcoin prices downwards to lower areas throughout the upcoming months. 

The recent Bitcoin breakout from its 60-day lower high pattern delivers encouraging market signals for traders who focus on short-term movements yet the long-term market conditions remain indecisive. The market may continue to rise toward $100,000 before showing a major downward trend according to historical data.