Bitcoin Following ABCD Pattern? Analyst Sees Path To $137,000
Brewing tensions between Israel and Iran have led to global de-risking in risk-on assets, including Bitcoin (BTC), which is down 1.7% in the last 24 hours. Despite this, technical indicators suggest a potential new all-time high (ATH) for BTC. BTC is reportedly following the ABCD pattern, with a possible target of $137,000 if it breaks out from its current wedge formation. Analysts have identified a bullish double bottom pattern and a cup and handle pattern on BTC charts, indicating potential upward movement. The Hash Ribbons indicator also signals possible major rallies, as it has historically preceded strong uptrends. However, BTC faces challenges, having been rejected from the $110,000 resistance level, and on-chain data shows long-term holders exiting the market while retail investors enter. Short-term holders exhibit declining confidence, with BTC currently trading at $105,568.
