Bitcoin forms a falling wedge pattern, targeting $113,386 with a potential 20.7% price increase.
As of January 1, 2025, Bitcoin's price reached $93,598.50 with a trading volume of $105.91 billion.
Significant trading volume spikes in March, June, and November 2024 align with Bitcoin's upward price trend.
Bitcoin is showing signs of a likely breakout from a falling wedge pattern on its daily chart. Falling wedge patterns are often associated with bullish reversals, and BTC's existing move indicates an expected upward move. Analysts are watching a target of $113,386, representing a 20.7% increase from its current price level.
Bitcoin’s chart analyzed by Javon Marks reveals a falling wedge, a technical formation that normally signals a breakout to the upside. The asset's current positioning within the mark indicates a close range, which often follows a breakout. If confirmed, Bitcoin's move beyond the upper level could lead to significant price gains, aligning with predictions of $113,386.
Maintaining momentum and surpassing key resistance levels will sustain this upward trajectory. Historical data shows that falling wedge breakouts are often accompanied by heightened trading volumes and increased market participation, providing additional support for the price movement.
Based on technical analysis, BTC's breakout from the falling wedge could result in a price increase of over 20.7%. The cast target of $113,386 is derived from the pattern's technical structure, which calculates potential movement based on the wedge’s widest point. Achieving this level would mark a significant milestone for Bitcoin, solidifying its bullish trend.
According to Coinglass data depicting Bitcoin's price and trading volume trends from August 2024 to January 2025, as of January 1, Bitcoin's price reached $93,598.50 with a trading volume of $105.91 billion.
Significant volume spikes occurred in March, June, and November 2024, indicating increased market activity during those periods. Bitcoin's price demonstrated a gradual upward trend starting in mid-August 2024, maintaining consistent growth through December. The volume bars reveal periods of heightened trading, corresponding with price movements.
