A crypto trader has noted that the Bitcoin (BTC) price is trading within a falling expanding triangle formation, suggesting that this could be a sign of a major upward move.

“Bitcoin is moving within a descending expanding triangle,” Trader Tardigrade said in a post on the X social media platform on August 12. The analyst stated that Bitcoin’s price movement since the beginning of the year has formed a descending expanding wedge formation.

The descending expanding triangle is a technical chart pattern that occurs during a downtrend and is defined by two distinct lines connecting the lower high and lower low. A sustained break above the resistance level of this pattern usually signals confirmation of an upward move.

The analyst evaluated, "This formation is similar to the formation that BTC performed in 2019-2020." After Bitcoin broke out of this formation in 2020, it experienced a 580% increase and rose to an all-time high of $69,000 in 2021.

“The breakout of the wedge pattern took BTC from $10,000 to $70,000.” During the week ending August 9, Bitcoin rebounded strongly from the support line at $53,500. If this pattern continues as predicted by Trader Tardigrade, Bitcoin could confirm a bullish breakout above the key resistance at $69,000.

Another analyst, Matthew Hyland, observed that the BTC/USD pair is similar to the charts from “last year’s fourth quarter and previous election years.” Hyland explained that during these years, Bitcoin made a bottom before entering a sustained uptrend heading into the fourth quarter. Therefore, he believes that the Bitcoin price dropping below $50,000 marks the bottom for BTC for this cycle.

Hyland noted in previous posts that last week’s candlestick had the longest and lowest lower wick, indicating a possible bottom for Bitcoin.

Trader Roman viewed this week’s close as strong in terms of bullish signals, adding that it was “only a matter of time” before the price entered a sustained uptrend. However, despite its positive outlook, the Fear & Greed Index shows that buyer interest in the crypto market is lower than it was during the FTX crash. The index is currently at the “extreme fear” level of 25 points, a big drop from 39 points the day before.

Some traders expect Bitcoin to remain stable in the near term, but they don’t see this as a definitive bearish signal. “Limited buying for a few more days.#Bitcoinrejected from channel midpoint, back to key support,” crypto trader Daan Crypto Traders wrote to his X followers on Aug. 11. “A higher low needs to be formed here, or else the bulls may have a tough time.”

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