Since reaching a historic high on March 14, 2024, Bitcoin has experienced some interesting price fluctuations. After hitting this high, Bitcoin faced strong selling pressure, leading to a series of lower highs and lower lows, forming a classic triangle pattern. The lowest point of this pattern is $49,000 in August 2024.
Over time, the price has gradually approached the upper boundary of this triangle, a downtrend line that Bitcoin has attempted to break through multiple times but has failed, specifically being rejected as many as six times. These rejections, marked by red circles on the chart, create a strong resistance area.
However, on October 15, 2024, #bitcoin☀️ finally broke through this major downtrend line on the seventh attempt, a move that indicates the potential for a bullish reversal. After breaking out, Bitcoin returned to retest the upper boundary of the triangle, and this level has maintained its role as a key support threshold, leading to a strong 10% price increase. With the breakout and support being held, Bitcoin seems poised for a strong upward momentum in the near future.
Looking at the overall picture, if Bitcoin's price factors continue to support an upward trend, we could see a significant price increase in the next 3 to 6 months, with a target that could reach $100,000, corresponding to an increase of about 50% from the current price. Based on technical analysis, below is a suggested trading plan for those interested in long-term buying:
Entry Point: $66,718
Stop Loss: $63,314 (placed just below the main support area to protect the trade)
Take Profit: $100,000
This setup provides a strong risk-reward ratio of 1:10, which means the potential for significant profit. However, it is important to note that this is only technical analysis — Bitcoin's price is influenced by many factors, so it is crucial to conduct your analysis. Always protect your trade with a stop-loss order, especially if Bitcoin drops below $63,000 and closes below this level, which would invalidate this setup. I believe Bitcoin is likely to soon reach the impressive milestone of $100,000, so stay updated and manage risk wisely.