In case the diagonal pattern unfolds as expected, Bitcoin might first charge to the range of $141,000-$142,000 and then deeply fall back to $68,000, which is already a support level. This target fits with the node of the highest trading volume in the visible range profile, indicating the presence of strong buyers around that area.
On the contrary, if the price breaks the diagonal formation by going above $145,000, then it could imply that the long-term has been revived. At this moment, it would be best for the traders to wait for the signs from both the price action and momentum oscillators before entering into any directional trades.
There is a lot of uncertainty in the market that could lead to potential volatility but one question that has been asked the most is if this fifth wave would be Bitcoin’s last major move before a reset in the cycle.