- Bitcoin breaks out of a descending wedge as bulls eye new highs, fueled by analyst optimism and strong institutional backing.
- Doctor Profit predicts a super cycle for Bitcoin, with BlackRock’s involvement and recent price recovery boosting bullish conviction.
- BTC trades near $108K after rebounding from June lows, with traders watching for a breakout beyond $114K and continued upward momentum.
Doctor Profit, a popular crypto analyst, claims Bitcoin is entering a long-awaited super cycle. His bullish stance aligns with growing institutional support. He points to BlackRock’s involvement as a catalyst for unprecedented price action. Doctor Profit emphasizes his consistent accuracy in predicting Bitcoin’s moves and remains confident about its future trajectory.
Besides the bullish sentiment, Captain Faibik also shares an optimistic view. He confirms a breakout from a descending broadening wedge pattern. This technical development adds weight to the ongoing bullish narrative. Many traders now anticipate Bitcoin to retest its all-time high levels.
Price Action Within the Descending Channel
Bitcoin’s 4-hour chart reveals intense volatility between $97,000 and $114,000. The asset traded within a defined descending channel. This structure shaped price movement from mid-June onward. The upper trendline reflected strong resistance, while the lower trendline acted as firm support.
Bitcoin hit local highs near $114,000 but faced repeated rejections at the upper boundary. These sell-offs led to a steady decline toward the channel’s lower limit. On June 6th, Bitcoin dropped sharply to around $100,000. This decline marked a pivotal support test.
Source: Captain Faibik
However, bulls quickly responded. Bitcoin recovered toward $107,000 to $108,000, indicating strong buyer interest at lower levels. Additionally, candlestick analysis showed alternating red and green candles. This pattern signaled sustained buying and selling pressure throughout the period.
Breakout and Upside Momentum
Recently, Bitcoin broke above the descending wedge’s resistance line. This move confirmed an upside breakout. Consequently, traders expect higher price targets in the near term. Despite limited volume data, candlestick size revealed periods of increased volatility and stronger trading momentum.
Moreover, Bitcoin continues to trade within the channel’s mid-range. Buyers are now watching for a retest of previous resistance. If the breakout sustains, momentum could drive Bitcoin beyond ]$114,000. Besides technical patterns, market sentiment remains bullish. Influential voices like Doctor Profit and institutional activity boost confidence. Hence, market participants eye a fresh leg upward as Bitcoin approaches a critical juncture.
