The post This Bitcoin chart pattern sets a clear path to $140,000 in early 2025 appeared on BitcoinEthereumNews.com.

As Bitcoin (BTC) seeks to claim the $100,000 mark, the asset’s historical price movement signals a potential push toward a new all-time high. The maiden cryptocurrency has been trading within a clear channel-up formation throughout November 2024, echoing a similar bullish pattern seen in November 2023, according to cryptocurrency trading expert TradingShot. As per the analyst, despite resistance near the psychological $100,000 level, historical movements indicate that Bitcoin could break through soon, potentially reaching $140,000 by early 2025. Bitcoin price analysis chart. Source: TradingView A breakdown of Bitcoin’s chart reveals striking similarities between the lows of August 2024 and August 2023, when prices briefly dipped below the 200-day moving average (MA)—a key trend indicator. Both times, Bitcoin rebounded through a cup pattern, signaling consolidation followed by an upward breakout, often marking the start of an accumulation phase. During these periods, the one-day Relative Strength Index (RSI) showed bullish divergence, hinting at weakening downward momentum and a potential reversal.  By November 2024, the bullish golden cross emerged alongside the channel-up pattern, indicating strong upward momentum and mirroring a setup that led to Bitcoin’s March 2024 highs. According to the expert, while a recent MACD death cross signalled short-term bearish momentum, historical patterns suggest such pullbacks often precede robust recoveries.  After testing the 2.0 Fibonacci extension from the August 2024 lows, the fractal symmetry suggests a potential move toward the 3.0 Fibonacci level. This would target a Bitcoin price of around $140,000, possibly by February 2025. Meanwhile, an analysis shared by the charting platform TrendSpider suggests that Bitcoin’s technical setup is also building toward another record high. In an X post on December 4, the platform noted that Bitcoin is gearing up for a major move, with its daily chart flashing promising signals. Bitcoin price analysis chart. Source: TrendSpider The cryptocurrency is…

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Filed under: News - @ December 4, 2024 3:19 pm