Bitcoin will reach at $221,000
1. Overview of the Chart
Asset: Bitcoin (BTC) / USD
Timeframe: Daily (D)
Platform: TradingView
Date Range: Approximately mid-2023 to March 11, 2025
Current Price (as of Mar 11, 2025): $76,697.39 (shown in the top right corner)
2. Price Movement
Historical Trend: From mid-2023 to late 2024, Bitcoin shows a steady uptrend with some corrections. The price rises from around $25,000–$30,000 to a peak near $100,000 by late 2024.
Recent Action: After hitting a high around $100,000 in late 2024, the price corrects downward, dropping to around $75,000–$80,000 by early 2025. The current price as of March 11, 2025, is $76,697.39, indicating a slight recovery or stabilization after the correction.
3. Technical Patterns
Ascending Triangle
Formation: The chart shows an ascending triangle pattern from mid-2024 to late 2024. This pattern is characterized by:
A flat resistance line around $95,000–$100,000 (the horizontal line where the price struggles to break through multiple times).
An ascending support line (sloping upward), indicating higher lows as buyers step in at progressively higher prices.
Breakout: In late 2024, the price breaks above the resistance of the ascending triangle, reaching a high near $100,000. This breakout is typically a bullish signal, often leading to a continuation of the uptrend.
Target Calculation: The target for an ascending triangle breakout is often calculated by measuring the height of the triangle (from the base to the resistance) and projecting it upward from the breakout point. The height of the triangle appears to be roughly $30,000 (from the base around $65,000 to the resistance at $95,000). Adding this to the breakout point of $95,000 gives a target of approximately $125,000. However, the price only reached around $100,000 before correcting, suggesting the breakout may not have fully played out or was interrupted by market conditions.
Trendline
Upward Trendline: A long-term upward trendline (drawn in orange) connects the higher lows from mid-2023 onward. This trendline has acted as support during the uptrend.
Current Position: As of March 11, 2025, the price is testing this trendline around the $75,000–$80,000 level. This is a critical area to watch, as a bounce from this trendline would confirm continued bullish momentum, while a break below could signal a deeper correction.
4. Support and Resistance Levels
Support:
The long-term trendline around $75,000–$80,000 is a key support level.
If this trendline fails, the next significant support could be around the base of the ascending triangle, near $65,000.
Resistance:
The previous all-time high around $95,000–$100,000 is now a resistance zone. The price struggled to break above this level multiple times before the breakout and may face selling pressure if it approaches this zone again.
5. Price Action Analysis
Post-Breakout Correction: After breaking out of the ascending triangle, Bitcoin hit a high near $100,000 but failed to sustain the momentum, leading to a correction. This is not uncommon after a breakout, as markets often pull back to retest previous resistance (now support) or other key levels like the trendline.
Current Position: The price is at a critical juncture as of March 11, 2025. It’s testing the long-term trendline support around $76,000. The fact that it’s holding above this level (at $76,697.39) is a positive sign for bulls, but confirmation of a bounce with strong volume would be needed to signal a resumption of the uptrend.
Asset: Bitcoin (BTC) / USD
Timeframe: Daily (D)
Platform: TradingView
Date Range: Approximately mid-2023 to March 11, 2025
Current Price (as of Mar 11, 2025): $76,697.39 (shown in the top right corner)
2. Price Movement
Historical Trend: From mid-2023 to late 2024, Bitcoin shows a steady uptrend with some corrections. The price rises from around $25,000–$30,000 to a peak near $100,000 by late 2024.
Recent Action: After hitting a high around $100,000 in late 2024, the price corrects downward, dropping to around $75,000–$80,000 by early 2025. The current price as of March 11, 2025, is $76,697.39, indicating a slight recovery or stabilization after the correction.
3. Technical Patterns
Ascending Triangle
Formation: The chart shows an ascending triangle pattern from mid-2024 to late 2024. This pattern is characterized by:
A flat resistance line around $95,000–$100,000 (the horizontal line where the price struggles to break through multiple times).
An ascending support line (sloping upward), indicating higher lows as buyers step in at progressively higher prices.
Breakout: In late 2024, the price breaks above the resistance of the ascending triangle, reaching a high near $100,000. This breakout is typically a bullish signal, often leading to a continuation of the uptrend.
Target Calculation: The target for an ascending triangle breakout is often calculated by measuring the height of the triangle (from the base to the resistance) and projecting it upward from the breakout point. The height of the triangle appears to be roughly $30,000 (from the base around $65,000 to the resistance at $95,000). Adding this to the breakout point of $95,000 gives a target of approximately $125,000. However, the price only reached around $100,000 before correcting, suggesting the breakout may not have fully played out or was interrupted by market conditions.
Trendline
Upward Trendline: A long-term upward trendline (drawn in orange) connects the higher lows from mid-2023 onward. This trendline has acted as support during the uptrend.
Current Position: As of March 11, 2025, the price is testing this trendline around the $75,000–$80,000 level. This is a critical area to watch, as a bounce from this trendline would confirm continued bullish momentum, while a break below could signal a deeper correction.
4. Support and Resistance Levels
Support:
The long-term trendline around $75,000–$80,000 is a key support level.
If this trendline fails, the next significant support could be around the base of the ascending triangle, near $65,000.
Resistance:
The previous all-time high around $95,000–$100,000 is now a resistance zone. The price struggled to break above this level multiple times before the breakout and may face selling pressure if it approaches this zone again.
5. Price Action Analysis
Post-Breakout Correction: After breaking out of the ascending triangle, Bitcoin hit a high near $100,000 but failed to sustain the momentum, leading to a correction. This is not uncommon after a breakout, as markets often pull back to retest previous resistance (now support) or other key levels like the trendline.
Current Position: The price is at a critical juncture as of March 11, 2025. It’s testing the long-term trendline support around $76,000. The fact that it’s holding above this level (at $76,697.39) is a positive sign for bulls, but confirmation of a bounce with strong volume would be needed to signal a resumption of the uptrend.
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Wyłączenie odpowiedzialności
Informacje i publikacje przygotowane przez TradingView lub jego użytkowników, prezentowane na tej stronie, nie stanowią rekomendacji ani porad handlowych, inwestycyjnych i finansowych i nie powinny być w ten sposób traktowane ani wykorzystywane. Więcej informacji na ten temat znajdziesz w naszym Regulaminie.