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Bitcoin Breaks Out of Bullish Years-Long Megaphone Formation in the Making Since 2021
January 30, 2025 | By Nicole D’souza | Lead Editor and Senior Journalist
In a stunning turn of events, Bitcoin has finally broken out of its years-long bullish megaphone formation that started forming since 2021. This development has sent shockwaves throughout the cryptocurrency market, with many analysts now predicting a major surge in price.
As you can see from the post above, one analyst sees a breakout in a bullish price pattern that the pioneer crypto asset had built over many years. In detail, the FOMC today and the BTC price chart depicts a huge bullish megaphone pattern that formed over a few years starting in 2021 which finally broke out.
The implications of this breakout are significant. Bitcoin’s next steps will likely involve a rebound into the light blue diagonal resistance of its current triangular pattern within its $101,000-$106,000 range. In order to position itself for a pattern breakout and thus for a challenge to revisit the Range Highs, BTC needs a daily close above the top of this light blue pattern.
The analyst notes that before Bitcoin has produced upside FOMO (Fear Of Missing Out) wicks which have preceded rejections. This means that a potential rejection could occur if the $105,000 price mark is not maintained.
Source: cryptonewsland.com
