{"id":650489,"date":"2024-10-30T00:00:10","date_gmt":"2024-10-30T00:00:10","guid":{"rendered":"https:\/\/wncen.com\/?p=650489"},"modified":"2024-10-29T09:25:27","modified_gmt":"2024-10-29T09:25:27","slug":"bitcoin-price-continuation-70000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-price-continuation-70000\/","title":{"rendered":"Bitcoin Price Breaks Out Of 7-Month Descending Broadening Wedge Pattern For Continuation Above $70,000"},"content":{"rendered":"<p><a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-dominates-3-4-billion-october-crypto-inflows-whats-behind-the-boom\/\"><span style=\"font-weight: 400\">Recent market inflows and dynamics <\/span><\/a><span style=\"font-weight: 400\">have seen the Bitcoin price breaking free from a 7-month descending broadening wedge pattern. According to crypto analyst Gert van Lagen, Bitcoin\u2019s breakout last week could signal the onset of a major price continuation phase as the<\/span><a href=\"https:\/\/wncen.com\/bitcoin-news\/is-bitcoin-ready-to-break-through-70000-analyzing-the-next-steps-for-the-crypto-leader\/\"><span style=\"font-weight: 400\"> bulls aim above the $70,000 mark.<\/span><\/a><span style=\"font-weight: 400\"> Particularly, Van Lagen highlighted that Bitcoin\u2019s ability to successfully retest the upper trendline of this pattern lends strong momentum to the current bullish structure.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The descending broadening wedge pattern is a reversal structure in technical analysis, often hinting at a strong trend upon breakout. Bitcoin\u2019s ability to breach the upper trend line reinforces the likelihood of bullish momentum, lending voice to a new all-time high in the coming weeks.<\/span><\/p>\n<h2>Bullish Retest Validates Strong Support For Next Rally<\/h2>\n<p><span style=\"font-weight: 400\">At the time of van Lagen&#8217;s <\/span><a href=\"https:\/\/x.com\/GertvanLagen\/status\/51113991\" rel=\"nofollow\"><span style=\"font-weight: 400\">analysis<\/span><\/a><span style=\"font-weight: 400\">, the Bitcoin price was retesting a bottom-sloping trend line, which has capped its price rallies since it reached an all-time high of $73,737 in March. By then, Bitcoin had already peaked out of this trend line in the descending broadening wedge and was already on the third candle.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-etfs-reach-3-billion-inflows-in-october-retail-investors-lead-the-charge-report\/\">Bitcoin ETFs Reach $3 Billion Inflows In October, Retail Investors Lead The Charge \u2013 Report<\/a><\/div>\n<p><span style=\"font-weight: 400\">As Bitcoin bounced from the upper trend line, van Lagen described this as a &#8220;successful bullish retest.&#8221; Furthermore, he noted the importance of a bullish trajectory for this pattern, highlighting that the breakout direction is upward 79% of the time.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">With the Bitcoin price now successfully above this wedge, this next phase could see the cryptocurrency extend its gains and surge above $70,000. As such, the analyst also noted that reaching a new all-time high is essential to fully validating the wave continuation pattern.<\/span><\/p>\n<figure id=\"attachment_650490\" aria-describedby=\"caption-attachment-650490\" style=\"width: 460px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-650490\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/10\/Bitcoin-price-4.png?w=460&#038;resize=460%2C367\" alt=\"Bitcoin price\" width=\"460\" height=\"367\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/10\/Bitcoin-price-4.png?w=512 512w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/10\/Bitcoin-price-4.png?w=460 460w\" sizes=\"auto, (max-width: 460px) 100vw, 460px\"><figcaption id=\"caption-attachment-650490\" class=\"wp-caption-text\">Source: X<\/figcaption><\/figure>\n<h2>Key Bitcoin Price Levels To Watch<\/h2>\n<p><span style=\"font-weight: 400\">While the breakout and retest <\/span><a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-to-100000-by-february-2025-analyst-explains-why\/\"><span style=\"font-weight: 400\">offer promising technical signs,<\/span><\/a><span style=\"font-weight: 400\"> van Lagen warned of a critical downside level that traders should monitor. He pinpointed $58,700 as a crucial weekly closing price, below which the bullish structure would be invalidated. In his view, a close below this threshold would disrupt the quick wave five continuation and totally reverse the bullish setup to a new all-time high.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/dogecoin-price-to-24-analyst-says-no-one-will-believe-it-until-it-happens\/\">Dogecoin Price To $24? Analyst Says No One Will Believe It Until It Happens<\/a><\/div>\n<p><span style=\"font-weight: 400\">Interestingly, Bitcoin has managed to push to the upside since this breakout. Particularly, the cryptocurrency has extended gains and has now broken above $71,000 for the first time since June.<\/span><\/p>\n<p><span style=\"font-weight: 400\">At the time of writing, Bitcoin is trading at $71,150, having reached an intraday high of $71,450 in the past 24 hours. As it stands, Bitcoin is only 3.6% away from reaching uncharted price territories. The <\/span><a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-stock-flow-model-100000\/\"><span style=\"font-weight: 400\">only key price resistance level t<\/span><\/a><span style=\"font-weight: 400\">o watch at this point would be the current all-time high.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Many Bitcoin metrics point to the continuation of bullish Bitcoin price momentum, at least in the short term. The Bitcoin open interest is now at its highest point of $42.6 billion, which relays a <\/span><a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-bull-run-not-ratio-has-just-golden-cross\/\"><span style=\"font-weight: 400\">high level of trading activity<\/span><\/a><span style=\"font-weight: 400\"> among Bitcoin traders.<\/span><\/p>\n<figure style=\"width: 3286px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/ibiiHnTO\/\" alt=\"Bitcoin price chart from Tradingview.com\" width=\"3286\" height=\"1450\"><figcaption class=\"wp-caption-text\">BTC bulls push for new all-time high | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Recent market inflows and dynamics have seen the Bitcoin price breaking free from a 7-month descending broadening wedge pattern. According to crypto analyst Gert van Lagen, Bitcoin\u2019s breakout last week could signal the onset of a major price continuation phase as the bulls aim above the $70,000 mark. Particularly, Van Lagen highlighted that Bitcoin\u2019s ability to successfully retest the upper trendline of this pattern lends strong momentum to the current bullish structure. The descending broadening wedge pattern is a reversal structure in technical analysis, often hinting at a strong trend upon breakout. Bitcoin\u2019s ability to breach the upper trend line reinforces the likelihood of bullish momentum, lending voice to a new all-time high in the coming weeks. Bullish Retest Validates Strong Support For Next Rally At the time of van Lagen&#8217;s analysis, the Bitcoin price was retesting a bottom-sloping trend line, which has capped its price rallies since it reached an all-time high of $73,737 in March. By then, Bitcoin had already peaked out of this trend line in the descending broadening wedge and was already on the third candle.\u00a0 Related Reading: Bitcoin ETFs Reach $3 Billion Inflows In October, Retail Investors Lead The Charge \u2013 Report As Bitcoin bounced from the upper trend line, van Lagen described this as a &#8220;successful bullish retest.&#8221; Furthermore, he noted the importance of a bullish trajectory for this pattern, highlighting that the breakout direction is upward 79% of the time.\u00a0 With the Bitcoin price now successfully above this wedge, this next phase could see the cryptocurrency extend its gains and surge above $70,000. As such, the analyst also noted that reaching a new all-time high is essential to fully validating the wave continuation pattern. Key Bitcoin Price Levels To Watch While the breakout and retest offer promising technical signs, van Lagen warned of a critical downside level that traders should monitor. He pinpointed $58,700 as a crucial weekly closing price, below which the bullish structure would be invalidated. In his view, a close below this threshold would disrupt the quick wave five continuation and totally reverse the bullish setup to a new all-time high. Related Reading: Dogecoin Price To $24? Analyst Says No One Will Believe It Until It Happens Interestingly, Bitcoin has managed to push to the upside since this breakout. Particularly, the cryptocurrency has extended gains and has now broken above $71,000 for the first time since June. At the time of writing, Bitcoin is trading at $71,150, having reached an intraday high of $71,450 in the past 24 hours. As it stands, Bitcoin is only 3.6% away from reaching uncharted price territories. The only key price resistance level to watch at this point would be the current all-time high. Many Bitcoin metrics point to the continuation of bullish Bitcoin price momentum, at least in the short term. The Bitcoin open interest is now at its highest point of $42.6 billion, which relays a high level of trading activity among Bitcoin traders. Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":641953,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[167,428,656,679,1119,89185,1122,1144,78790,6664,26263,14690],"class_list":["post-650489","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-analyst","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Breaks Out Of 7-Month Descending Broadening Wedge Pattern For Continuation Above $70,000<\/title>\n<meta name=\"description\" content=\"Recent market inflows and dynamics have seen the Bitcoin price breaking free from a 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. 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