A potential escape of Bitcoin from a bullish megaphone technical formation could mark the beginning of the big crypto’s uptrend toward a “target of $180,000,” according to a crypto analyst.
A megaphone pattern, also known as a broadening wedge, is a chart pattern that indicates market volatility and uncertainty. It’s characterized by two diverging trend lines that form a widening range over time, with higher highs and lower lows that resemble the shape of a megaphone or cone.
A bullish breakout is achieved when the price produces a clear close above the pattern’s upper trendline with the target determined by adding the pattern's height (vertical distance) to the breakout level.
Jelle’s broadening wedge on the weekly chart targets areas around $180,000.
“This bullish megaphone has a target of $180,000. But you wouldn't believe it.”
BTC/USD weekly chart. Source: Jelle
In another post on X, Jelle made yet another six-figure prediction for BTC price targeting $100,000.
The analyst said that the BTC price escaped out of a falling wedge when it was trading at $20,000 back in mid-2023. Jelle said that this technical formation was still in play with the target at $100,000.
Another ambitious prediction came from independent trader and analyst Titan of Crypto who set a $173,00 to $224,000 target for BTC.
Sharing a chart showing an ascending trendline connecting all-time highs in previous bull markets on the monthly time frame, the analyst said:
“By simply analyzing market structure and incorporating Fibonacci extensions, it seems likely that #BTC could reach its cycle peak within the range of $173k to $224k.”
BTC/USD monthly chart. Source: Titan of Crypto
Meanwhile, popular analyst Daan Crypto Trades said that BTC has been facing resistance from its previous all-time highs at $69,000, a level that has pinned the price for over 11 weeks now.
Drawing from history, the analyst seems to suggest that the price could trade under $69,000 for a few more weeks before achieving any decisive breakout.
A look at the daily chart revealed that Bitcoin price was fighting immediate resistance from the middle boundary of an ascending parallel channel at $69,500. A daily candlestick close above this level will see the price rise to confront resistance from the upper boundary of the rising channel at $72,000.
Breaching this level would confirm a bullish breakout from the governing chart pattern bringing the all-time highs at $73,835 into the picture and higher into price discovery.
BTC/USD daily chart. Source: TradingView
Data from CoinGlass showed $69,500 as the area of thickest bid liquidity above the spot price at the time of publication.
Bitcoin liquidation heatmap. Source: Coinglass
