Bitcoin Set for Big Breakout: Uptrend Confirmed!
2024-10-12

Bitcoin (BTCUSDT) is currently trading within a long-term falling wedge pattern, a common consolidation signal before a major breakout. The market structure remains positive, despite BTC experiencing short-term corrections. However, if you look closely at recent price action, you will see that the downtrend is weakening, and buying pressure is increasing as BTC approaches key support levels.

Macro factors such as increased institutional participation and clearer crypto regulations have created momentum for a potential rally. If BTC breaks above key resistance, we could see the return of large buyers, pushing the price higher.

In my view, and when this happens, we could see BTC break out strongly towards the next resistance levels. The rally could extend to $66,528 and even higher if the market momentum continues. Recommend buying strategy at key support zones, with medium term targets at TP1 and TP2.