Close Menu
Invest Insider News
    Facebook X (Twitter) Instagram
    Tuesday, July 1
    Facebook X (Twitter) Instagram Pinterest Vimeo
    Invest Insider News
    • Home
    • Bitcoin
    • Commodities
    • Finance
    • Investing
    • Property
    • Stock Market
    • Utilities
    Invest Insider News
    Home»Bitcoin»Rising Wedge Pattern Shows Bitcoin Might Drop to $51K Despite Recent Gains
    Bitcoin

    Rising Wedge Pattern Shows Bitcoin Might Drop to $51K Despite Recent Gains

    August 6, 20243 Mins Read


    As Bitcoin and the rest of the crypto market observe a recovery campaign from the recent drop, some analysts warn there might be further downturn.

    Ali Martinez, an expert analyst on X, recently highlighted a bearish pattern in Bitcoin’s short-term price action. According to him, on the daily chart, Bitcoin is forming a rising wedge, a pattern often linked to downtrends.

    Although Bitcoin might climb to $57,000 at the wedge’s upper boundary, there is a potential breakdown that could pull it back to around $51,000. This observation raises important considerations for Bitcoin’s immediate future.

    Bitcoin Rising Wedge Pattern 

    A rising wedge is a bearish continuation pattern that often appears during uptrends. This pattern is characterized by converging trend lines where both the support and resistance lines slope upward.

    Such convergence reflects diminishing upward momentum and often precedes a reversal to the downside. 

    abtcabtc

    Currently, Bitcoin’s price action on Ali’s chart illustrates this pattern. The price might climb toward the upper boundary of the wedge, ranging between $56,000 and $57,000. A breakdown below the rising support line could signify a trend reversal, potentially leading the price towards $51,000.

    Technical Indicators Highlight Bearish Sentiment

    Technical indicators on the daily chart support this bearish sentiment. The Bollinger Bands indicate widening volatility, with the price near the lower band, suggesting potential oversold conditions. 

    aaaaaa

    The Relative Strength Index (RSI) is at 30.04, placing Bitcoin in the oversold territory (below 40). This suggests the asset is potentially undervalued in the short term. Further, the Accumulation/Distribution (Acc/Dist) line shows a slight decline, indicating more distribution (selling pressure) than accumulation (buying pressure) over the recent period, with a current value of 4.619M.

    Long-Term Analysts See Potential for Growth

    Despite the short-term bearish outlook, some analysts maintain a long-term bullish perspective. Expert chartist Peter Brandt recently highlighted Bitcoin’s potential for further growth. In a recent chart, Brandt used an 8-period moving average to track short-term trends. 

    Bitcoin experienced a strong surge in Q1, establishing bullish sentiment. Although this was followed by fluctuations, Bitcoin showed resilience by recovering after each setback and edging closer to previous highs.

    Brandt’s analysis suggests that while Bitcoin may face short-term bearish pressures, the longer-term outlook remains positive.

    Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

    -Advertisement-



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Previous ArticleBitcoin is a ‘speculative thing’: Black Swan author warns
    Next Article The state of digital health investment, part 1: Andreessen Horowitz

    Related Posts

    Bitcoin

    Comment GameStop a inspiré cette lingerie MMA League pour parier sur Bitcoin

    July 1, 2025
    Bitcoin

    ALERTE CRASH ou REBOND HISTORIQUE ? L’analyse on-chain de Prof Chaîne en vidéo

    July 1, 2025
    Bitcoin

    Bitcoin : deux mois de consolidation et ensuite ?

    July 1, 2025
    Leave A Reply Cancel Reply

    Top Posts

    Action Ganglong China Property Group Limited | Cours 6968 Bourse Hong Kong S.E.

    July 31, 2007

    les fondamentaux de l’or restent bons

    September 4, 2007

    les fondamentaux de l’or restent bons

    September 4, 2007
    Stay In Touch
    • Facebook
    • YouTube
    • TikTok
    • WhatsApp
    • Twitter
    • Instagram
    Latest Reviews
    Property

    £17 million property development being built in Bradford

    March 2, 2025
    Bitcoin

    Bitcoin approche un support de 80 000 $: les Bears le poussent à 73 767 $?

    April 1, 2025
    Utilities

    How the Eiffel Tower and a digital twin saved one utility company $80K

    October 29, 2024
    What's Hot

    Que font les baleines à Bitcoin et Ethereum? Long ou court? Santiment a expliqué!

    June 26, 2025

    L’ancien Binance CZ reste optimiste sur le bitcoin malgré l’accident, voici pourquoi

    February 25, 2025

    Revaluations to be conducted every 5 years

    June 12, 2025
    Most Popular

    China in distress: Protests, economic signals reveal pressure from U.S. tariffs

    May 9, 2025

    Mortgage Rates And House Price Forecast – Forbes Advisor UK

    July 11, 2024

    Prédiction des prix du Bitcoin pour le 25 mai: Bulls défendre-t-il 108 000 $ ou est-il une baisse plus profonde?

    May 24, 2025
    Editor's Picks

    Bitcoin (BTC) Fees Could be Hedged With ETH-Based Protocol

    July 23, 2024

    Oil rises as demand concerns ease on US jobs data, geopolitical tensions By Reuters

    August 8, 2024

    Raspberry Pi confirms IPO plans in boost to London Stock Exchange

    August 25, 2024
    Facebook X (Twitter) Instagram Pinterest Vimeo
    • Get In Touch
    • Privacy Policy
    • Terms and Conditions
    © 2025 Invest Insider News

    Type above and press Enter to search. Press Esc to cancel.