Bitcoin Breaks Out of Wedge Pattern — Here’s the Next Target

Bitcoin Breaks Wedge Pattern—Here's Next Target

Bitcoin spiked to $67,803 today, breaking a daily falling wedge trend.

This breakthrough has garnered notice, but Bitcoin has yet to close a daily candle above this barrier, confirming its triumph.

However, this pattern breakthrough has prompted notable crypto experts to provide their newest thoughts on Bitcoin's next goal.

Bitcoin Wedge Pattern Breakout Analysts Comment
In a recent piece, CryptoQuant analyst Papi called the collapsing wedge pattern the 2024 “nope zone”. Papi said 2024's Nope Zone is unbeaten. For now. Will this time differ?

This is the first time Bitcoin has retested above the “nope zone” on a four-day chart, he said. High open interest (OI) and ETF flows were positive, while derivative exchange net flows were neutral, the analyst said.

“Even if we don’t break out this time, we are getting very close,” Papi said, stressing dollar-cost averaging throughout consolidation. He also recommended $60,000 and mid-$50,000 as backstops for pullbacks.

Road to $90,000?
Bitcoin has corrected to $66,047, up 0.2% in 24 hours, after the first breakthrough. Analysts remain positive after this slight dip. Captain Faibik, another prominent crypto expert, discussed Bitcoin's price on X.

He said, “So far, so good… Bitcoin is approaching $68k key resistance again. A wedge breakthrough might push Bitcoin to $88k-$90k in November. Faibik expects a bigger rise higher if BTC breaks this important resistance level.

The present price movement was also discussed by RektCapital, another notable analyst. Bitcoin's prior pullbacks from the downtrending channel top were deeper, according to RektCapital.

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