{"id":648192,"date":"2024-10-16T12:30:36","date_gmt":"2024-10-16T12:30:36","guid":{"rendered":"https:\/\/www.shenyangcang.com\/?p=648192"},"modified":"2024-10-15T18:20:01","modified_gmt":"2024-10-15T18:20:01","slug":"bitcoin-finally-breaks-above-falling-wedge-pattern-heres-the-next-target","status":"publish","type":"post","link":"https:\/\/www.shenyangcang.com\/bitcoin-news\/bitcoin-finally-breaks-above-falling-wedge-pattern-heres-the-next-target\/","title":{"rendered":"Bitcoin Finally Breaks Above Falling Wedge Pattern\u2014Here\u2019s The Next Target"},"content":{"rendered":"<p data-pm-slice=\"1 1 []\">Bitcoin has seen a significant price movement today, <a href=\"https:\/\/www.shenyangcang.com\/bitcoin-news\/bitcoin-reclaims-66k-but-retail-investors-lag-is-a-final-fomo-wave-coming\/\" target=\"_blank\" rel=\"noopener \">reaching a high of $67,803<\/a>, breaking above a descending falling wedge pattern on the daily chart.<\/p>\n<p>While this breakout has captured attention, Bitcoin is yet to close a daily candle above this resistance, which would confirm the breakout as successful.<\/p>\n<p data-pm-slice=\"1 1 []\">Regardless, this development has sparked fresh analyses from prominent crypto commentators, many of whom are now sharing their latest insights on the<a href=\"https:\/\/www.shenyangcang.com\/news\/bitcoin\/bitcoins-road-to-70000-analysts-set-next-targets-as-btc-retests-key-levels\/\" target=\"_blank\" rel=\"noopener \"> next target<\/a> for Bitcoin following this pattern breakout.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.shenyangcang.com\/bitcoin-news\/bitcoin-open-interest-hits-record-19-8-billion-is-the-100k-rally-about-to-begin\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Open Interest Hits Record $19.8 Billion\u2014Is The $100K Rally About to Begin?<\/a><\/div>\n<h2 data-pm-slice=\"1 1 []\">Analysts Weigh In On Bitcoin Wedge Pattern Breakout<\/h2>\n<p data-pm-slice=\"1 1 []\">A CryptoQuant analyst, known by the pseudonym Papi, referred to the falling wedge pattern as the 2024 &#8220;nope zone&#8221; in a recent <a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/670e7866c3308838d2918555-Record-Consolidation-Do-We-Have-Escape-Velocity\" target=\"_blank\" rel=\"noopener nofollow\">post<\/a>. Papi stated, &#8220;2024&#8217;s Nope Zone is undefeated. For now. Will this time be different?&#8221;<\/p>\n<figure style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/img.cryptoquant.com\/75744\/quicktake\/Zd4UgD_494a2fb04c3732c28ec51b4f1ae7ad00ce8308edd59473ce6695909264800af2.png?resize=1200%2C828&#038;ssl=1\" alt=\"Bitcoin price break out of wedge pattern.\" width=\"1200\" height=\"828\"><figcaption class=\"wp-caption-text\">Bitcoin price break out of wedge pattern. | Source: Papi on CryptoQuant QuickTake Platform<\/figcaption><\/figure>\n<p data-pm-slice=\"1 1 []\">He pointed out that this is the first time Bitcoin has retested the price successfully above the &#8220;nope zone&#8221; on a four-day chart. The analyst also mentioned\u00a0<span style=\"margin: 0px;padding: 0px\"><a href=\"https:\/\/www.shenyangcang.com\/bitcoin-news\/bitcoin-open-interest-hits-record-19-8-billion-is-the-100k-rally-about-to-begin\/\" target=\"_blank\" rel=\"noopener \">that high open interest (OI)<\/a> and ETF flows showed bullish signals, although net flows on derivative exchanges remained<\/span>\u00a0neutral.<\/p>\n<p data-pm-slice=\"1 1 []\">&#8220;Even if we don&#8217;t break out this time, we are getting very close,&#8221; Papi added, emphasizing the importance of dollar-cost averaging during this period of consolidation. He also highlighted the support levels at $60,000 and the mid-$50,000 range as strong backstops in case of any pullback.<\/p>\n<h2 data-pm-slice=\"1 1 []\">Road to $90,000?<\/h2>\n<p data-pm-slice=\"1 1 []\">Despite the initial breakout, Bitcoin has faced a minor correction, trading at $66,047, up by 0.2% in the past 24 hours. This small pullback has not deterred analysts from making <a href=\"https:\/\/www.shenyangcang.com\/bitcoin-news\/samara-asset-group-eyes-32-8-million-bond-issuance-to-increase-bitcoin-holdings\/\" target=\"_blank\" rel=\"noopener \">bullish predictions<\/a>. Captain Faibik, another well-known crypto analyst, took to X to comment on Bitcoin\u2019s price movement.<\/p>\n<figure style=\"width: 2770px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/UNm4YEzk\/\" alt=\"Bitcoin (BTC) price chart on TradingView\" width=\"2770\" height=\"1556\"><figcaption class=\"wp-caption-text\">BTC price is moving upwards on the 2-hour chart. Source: BTC\/USDT on TradingView.com<\/figcaption><\/figure>\n<p data-pm-slice=\"1 1 []\">He <a href=\"https:\/\/x.com\/CryptoFaibik\/status\/09927213\" target=\"_blank\" rel=\"noopener nofollow\">noted<\/a>, &#8220;So far, so good\u2026 Bitcoin is once again heading towards the $68k crucial resistance. A successful wedge breakout could send Bitcoin to $88k-$90k in November.&#8221; Faibik remains optimistic, anticipating a <a href=\"https:\/\/www.shenyangcang.com\/news\/bitcoin\/bitcoin-stochastic-breakout\/\" target=\"_blank\" rel=\"noopener \">larger move upwards<\/a> if BTC can clear this key resistance level.<\/p>\n<figure style=\"width: 2048px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/pbs.twimg.com\/media\/GZ6b55yXgAA0E0c?format=jpg&amp;name=large\" alt=\"Bitcoin price chart. \" width=\"2048\" height=\"1463\"><figcaption class=\"wp-caption-text\">Bitcoin price chart. | Source: Captain Faibik<\/figcaption><\/figure>\n<p>Similarly, another prominent analyst, RektCapital, shared his <a href=\"https:\/\/twitter.com\/rektcapital\/status\/37301388?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">perspective<\/a> on the current price action. RektCapital pointed to Bitcoin&#8217;s historical rejections from the downtrending channel top, noting that previous pullbacks were progressively deeper.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.shenyangcang.com\/bitcoin-news\/bitcoin-reclaims-66k-but-retail-investors-lag-is-a-final-fomo-wave-coming\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Reclaims $66k But Retail Investors Lag\u2014Is A Final FOMO Wave Coming?<\/a><\/div>\n<p>The analyst added: &#8220;This current rejection is Bitcoin&#8217;s first chance to show that this downtrending channel top resistance is weakening as a point of rejection.&#8221;<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\"><a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">#BTC<\/a><\/p>\n<p>Here are historical rejections from the Downtrending Channel Top (red)<\/p>\n<p>From mid-March, the rejections have resulted in progressively deeper pullbacks:<\/p>\n<p>Initially -17% followed by -22% then -26% then -29%<\/p>\n<p>This current rejection is Bitcoin&#8217;s first chance to show that this\u2026 <a href=\"https:\/\/t.co\/wXePIvVs5D\" target=\"_blank\" rel=\"noopener nofollow\">https:\/\/t.co\/wXePIvVs5D<\/a> <a href=\"https:\/\/t.co\/k2lMLje0yO\" target=\"_blank\" rel=\"noopener nofollow\">pic.twitter.com\/k2lMLje0yO<\/a><\/p>\n<p>\u2014 Rekt Capital (@rektcapital) <a href=\"https:\/\/twitter.com\/rektcapital\/status\/37301388?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">October 15, 2024<\/a><\/p><\/blockquote>\n<p>Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin has seen a significant price movement today, reaching a high of $67,803, breaking above a descending falling wedge pattern on the daily chart. While this breakout has captured attention, Bitcoin is yet to close a daily candle above this resistance, which would confirm the breakout as successful. Regardless, this development has sparked fresh analyses from prominent crypto commentators, many of whom are now sharing their latest insights on the next target for Bitcoin following this pattern breakout. Related Reading: Bitcoin Open Interest Hits Record $19.8 Billion\u2014Is The $100K Rally About to Begin? Analysts Weigh In On Bitcoin Wedge Pattern Breakout A CryptoQuant analyst, known by the pseudonym Papi, referred to the falling wedge pattern as the 2024 &#8220;nope zone&#8221; in a recent post. Papi stated, &#8220;2024&#8217;s Nope Zone is undefeated. For now. Will this time be different?&#8221; He pointed out that this is the first time Bitcoin has retested the price successfully above the &#8220;nope zone&#8221; on a four-day chart. The analyst also mentioned\u00a0that high open interest (OI) and ETF flows showed bullish signals, although net flows on derivative exchanges remained\u00a0neutral. &#8220;Even if we don&#8217;t break out this time, we are getting very close,&#8221; Papi added, emphasizing the importance of dollar-cost averaging during this period of consolidation. He also highlighted the support levels at $60,000 and the mid-$50,000 range as strong backstops in case of any pullback. Road to $90,000? Despite the initial breakout, Bitcoin has faced a minor correction, trading at $66,047, up by 0.2% in the past 24 hours. This small pullback has not deterred analysts from making bullish predictions. Captain Faibik, another well-known crypto analyst, took to X to comment on Bitcoin\u2019s price movement. He noted, &#8220;So far, so good\u2026 Bitcoin is once again heading towards the $68k crucial resistance. A successful wedge breakout could send Bitcoin to $88k-$90k in November.&#8221; Faibik remains optimistic, anticipating a larger move upwards if BTC can clear this key resistance level. Similarly, another prominent analyst, RektCapital, shared his perspective on the current price action. RektCapital pointed to Bitcoin&#8217;s historical rejections from the downtrending channel top, noting that previous pullbacks were progressively deeper. Related Reading: Bitcoin Reclaims $66k But Retail Investors Lag\u2014Is A Final FOMO Wave Coming? The analyst added: &#8220;This current rejection is Bitcoin&#8217;s first chance to show that this downtrending channel top resistance is weakening as a point of rejection.&#8221; #BTC Here are historical rejections from the Downtrending Channel Top (red) From mid-March, the rejections have resulted in progressively deeper pullbacks: Initially -17% followed by -22% then -26% then -29% This current rejection is Bitcoin&#8217;s first chance to show that this\u2026 https:\/\/t.co\/wXePIvVs5D pic.twitter.com\/k2lMLje0yO \u2014 Rekt Capital (@rektcapital) October 15, 2024 Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":648197,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,441,629,1119,78790,6664,10923,83531],"class_list":["post-648192","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-market","tag-btc","tag-btcusdt","tag-crypto","tag-crypto-market","tag-cryptoquant"],"acf":[],"yoast_head":"\n<title>Bitcoin Finally Breaks Above Falling Wedge Pattern\u2014Here\u2019s The Next Target<\/title>\n<meta name=\"description\" content=\"Bitcoin has seen a significant price movement today, reaching a high of $67,803, breaking above a descending falling wedge pattern...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. 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