Bitcoin Exiting Consolidation Phase - Is A Big Price Surge On The Way?

Bitcoin (BTC) may be on the verge of a major breakout, according to popular analysts. After remaining in a consolidation phase for an unprecedented 87 days, the number one cryptocurrency may soon shoot higher.

Renowned cryptocurrency analyst Faibik observes a technical pattern on the daily chart of Bitcoin , which signals serious bullish price action.

$ BTC Descending Broadening Wedge formation still in Play on the Daily timeframe Chart..📈

Once Bitcoin bulls clinch the 71.3k Crucial Resistance, the Party will start. 🔥🚀

Trust the Process..✍️ #Crypto # Bitcoin #BTC pic.twitter.com/gBas14jIDo

— Captain Faibik (@CryptoFaibik) June 9, 2024

This pattern, described as a descending widening wedge (DBW), usually occurs before a significant breakout. The analyst believes that a serious uptrend will begin once the $71,000 resistance level is broken by the BTC bulls.

He stated:

Bitcoin's DBW formation is still in action on the daily chart. Once the BTC bulls break the key resistance at $71,300, the rally will begin.

This formation shows a tightening around the price, suggesting a potential breakout point given the current market sentiment. Bullish breakouts are more likely given how people feel about the market right now.