Bitcoin Poised for Major Uptrend Breakout
Bitcoin is showing signs of a potential breakout from its long-term downtrend. The price has surged from $74,773 to nearly $84,000, according to CoinGecko.
Crypto analyst Rekt Capital believes Bitcoin is close to confirming a significant uptrend. He tweeted that the coin is “hours away from taking the first crucial steps towards breaking out of its multi-month downtrend.”
When Bitcoin breaks a downtrend, it usually signals the start of a new uptrend. Despite a 22.3% drop from its all-time high of $108,786, on-chain data shows strong accumulation at key price levels.
- Over 40,000 BTC accumulated at $79,000.
- Another 51,000 BTC accumulated at $82,080.
These levels often act as strong support in technical analysis. The next test is at $83,500, where 48,500 BTC is in accumulation. Breaking and holding above this level could boost its upward momentum.
Analyst Merlijn The Trader sees additional bullish signs. He noted that Bitcoin has broken out of a falling wedge pattern with a bullish divergence on momentum indicators. This could lead to a significant price movement, with a potential target of $102,000.
BitcoinS volatility in recent months has been influenced by macroeconomic factors. Though, the accumulation patterns suggest investors view price dips as buying opportunities. If the breakout is confirmed, the next major resistances would likely be at $90,000 and $100,000.
