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After a period of anemic price performance, Bitcoin is catching the eye of traders again.
In a recent post on the X social media platform, Jake Wujastyk flagged a pattern on his latest Bitcoin chart that could signal a major price breakout.
Bullish chart pattern
Wujastyk’s chart illustrates a consolidating price movement within a narrowing range. It shows what technical analysts refer to as a “symmetrical triangle.”
This pattern is characterized by lower highs and higher lows, converging into a point that often precedes a significant price movement.
The Bitcoin price chart shows a series of candles with wicks that test both the upper and lower bounds of the triangle, suggesting indecision on the market.
However, the consolidation pattern nearing its apex could imply that a decisive move is on the horizon, with the direction yet to be confirmed.
Readying for big year
With Bitcoin priced at a cool $43,634.43, the market’s holding its breath for Bitcoin’s next big move.
The crypto sphere is buzzing with anticipation over the potential approval of a Bitcoin ETF in the early months of 2024, a move that could pump fresh energy into the market.
Michael Saylor, a known Bitcoin bull, is all in, arguing that ETFs could be the spark for Bitcoin’s next big price explosion.
Bitwise, the crypto index heavyweight, is calling for a Bitcoin rally to the tune of $80,000. After a stellar run, beating out the likes of stocks, gold, and bonds, Bitcoin could be setting up for another grand performance in the new year.
With an ETF in the mix, Bitcoin could attract a flood of new money from investors who have been watching from the sidelines, waiting for their moment to jump in.
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