Bitcoin: The Path To $117,000 (Technical Analysis)

When I last covered Bitcoin (BTC-USD) on April 26th with “Bitcoin: Future Results, Not Past Performance” , the market’s central cryptocurrency pairing was attempting to recover from significant losses that developed during a recent crash from the all-time

Bitcoin technical analysis suggests that the cryptocurrency could rally to hit a target of $117,000. BTC has been in a bullish trend since March 2020, and a recent breakout from a falling wedge pattern indicates that the rally is set to continue.

Bitcoin has been on a tear in 2023, rallying over 40% year-to-date. The world’s largest cryptocurrency by market cap has been buoyed by a number of factors, including institutional adoption, rising inflation, and anticipation of an upcoming Bitcoin halving.

After rallying to hit a record high of nearly $70,000 in December 2021, Bitcoin crashed to lows of around $30,000 in May 2022. However, the cryptocurrency has since recovered and is now trading at levels not seen since before the crash.

Recent price action suggests that the Bitcoin rally is far from over. A recent breakout from a falling wedge pattern indicates that the cryptocurrency could rally to hit a target of $117,000. This target is calculated by adding the height of the wedge pattern to the breakout point, which was at around $36,000.

BTC-USD April 29th technical analysis

Bitcoin has been in a bullish trend since March 2020, and the recent breakout from a falling wedge pattern indicates that the rally is set to continue. The cryptocurrency has a target of $117,000, which is calculated by adding the height of the wedge pattern to the breakout point.

The recent Bitcoin rally has been driven by a number of factors, including institutional adoption, rising inflation, and anticipation of an upcoming Bitcoin halving. The cryptocurrency is likely to continue rallying in the coming months, as these factors remain supportive of higher prices.