#BULLISH BREAKOUT ON WEEKLY CHART ⟶ BITCOIN'S NEXT MOVE!
2024-10-24

Bitcoin analysis #BITCOIN** 📈 
Based on the weekly timeframe

In the previous #BITCOIN analysis post, I predicted a drop based on the formation of a rising wedge pattern, which happened, and the first and second targets were achieved based on that analysis. 📊

However, before this drop, something happened on the weekly timeframe that could turn the trend bullish. The bearish channel on the weekly timeframe was broken to the upside 📈, a channel in which #BITCOIN had been fluctuating for 210 days.

As a result, the drop after this valid bullish breakout should be considered a pullback before the continuation of growth. Currently, #BITCOIN has again hit the top of the bearish channel from above and has a chance for the pullback to end at this range and enter a bullish phase 📈. I will explain the condition for the pullback to end and the start of growth in a lower timeframe. ⏳

Next growth targets based on this scenario, from short-term to long-term:  
🎯 **Target 1:** 71482.50  
🎯 **Target 2:** 73905.46 - 74742.17  
🎯 **Target 3:** 82067.60  

🚨 **Stop-loss for the bullish scenario:** If #BITCOIN manages to reconfirm below the bearish channel from above and loses the support of the bearish channel's top (a valid breakout of the channel's top), then the bullish scenario will be canceled, and the trend will change from bullish to bearish. 📉

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Continuation of #BITCOIN analysis📈  
Based on the 1-hour timeframe

There are two scenarios for #BITCOIN growth based on the weekly timeframe view.

Scenario 1: Considering the touch on the support of the bearish channel's top, if there is growth and a breakout of the bearish channel on the 1-hour timeframe and resistance at 66963.27 on the 4-hour timeframe, we will have confirmation of growth. 📊

Scenario 2: If there is no growth from the first support and the drop continues, one of the support levels at 64526.53 or the lower leg of the wedge on the daily timeframe could be where a bottom forms (I’ve talked about the wedge in previous analyses, which I will pin for you below). ⏳




