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The escalating tensions between Israel, Iran and other countries have led to a global derisking of risky assets including Bitcoin (BTC). In the last 24-hours, BTC has fallen 1.7% in terms of market cap. However, the technical indicators are still pointing towards a possible new BTC All-Time High (ATH) within the next months.
Bitcoin Tracing ABCD Pattern
Titan of Crypto’s recent post at X revealed that BTC seems to follow the ABCD chart. According to the analyst, Bitcoin currently trades within a Wedge formation. It could potentially target $137,000 in price if it were to break out.
For the uninitiated, the ABCD pattern is a classic chart setup with four points and three legs – AB, BC, and CD – where AB and CD are typically equal in length, and BC serves as the retracement. The ABCD pattern helps to identify potential reversal areas and signals when price moves may lose momentum.
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Several technical indicators point towards a new ATH. As an example, Crypto analyst Crypto Cesar shared this 4-hour Bitcoin graph highlighting the aforementioned trend. bullish double bottom BTC pattern suggests that the market is ready for a recovery.
Jelle, another crypto analyst, noticed a pattern of a cup-and-handle on the BTC daily chart. Jelle sent the chart below showing BTC already formed the cup and handle pattern. “cup” The shape of the future is being shaped now “handle,” Which usually occurs before a rapid upwards movement.
Merlijn, the cryptotrader pointed at the Hash Ribbons – an on-chain indicator historically associated with major rallies. Merlijn posted the BTC chart below, noting the four previous appearances of the signal before strong Bitcoin uptrends.
Hash Ribbons are an on-chain indicators that use Bitcoin’s moving averages of the 30-day and 60 days hash rates to identify miner surrender and recovery. The short-term trend crosses over the long-term trend to give a positive signal.
BTC Bears Gaining Ground
While BTC is still above the psychologically-important $100,000 level, there are some signs of concern. It was only recently that the crypto currency reached a new milestone. rejected Bears temporarily gain control by lowering the resistance to $110,000.
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Similarly, on-chain data shows Long-term investors begin to withdraw from the Bitcoin markets, and retail investors start to follow suit. These dynamics can be observed at the end of a bull-cycle.
Short-term holders also exist. showing BTC’s recent activity on the blockchain shows signs of declining trust. BTC is currently trading at $105,568, a drop of 1.7% in the last 24 hours.
Charts from X, TradingView.com and Unsplash.
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Source: www.newsbtc.com
