Bitcoin Declining Broadening Wedge & $70k

18 окт.

Bitcoin price is attempting to break out of a declining broadening wedge pattern while also testing horizontal resistance at 70k. Bitcoin first reached 70k in 2021, failed to move higher, and made a low near 15k in 2022 before rallying back up to 70k again earlier this year. Since then, price has mostly trended between $55-70k while forming a declining broadening wedge pattern in the process. When price breaks above the upper line of a wedge you can expect price to move higher. When price breaks below the lower line of a wedge you can expect price to move lower. Right now we have price pushing above the upper wedge line and back to testing the 70k level again. If price starts pushing above the 70k level here it will likely be the start of the next move higher for Bitcoin and into new all-time high territory.

Recent moves higher in crypto and crypto-related stocks seem to be based around an assumption that Trump will win. While the Biden/Harris administration have been vocal critics of crypto for nearly 4 years with heavy regulation, Team Trump are all on board and supporters of digital assets. A Trump win would likely lead to a clearing of roadblocks that have helped to cap Bitcoin price under 70k for the past 4 years.

Best strategy with crypto is to ignore everything except Bitcoin. Buy some regularly, don't think about trying to trade it, and hold for the long-run. Best performing asset of the past decade while also seeing a faster adoption rate than any other technology including internet and cell phones.