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Bitcoin Successfully Retests Bullish Megaphone Pattern – Is A Breakout Imminent? | Bitcoinist.com
Bitcoin Retests Bullish Megaphone Pattern
According to an X post by crypto analyst Mister Crypto, BTC recently completed a successful retest of a bullish megaphone pattern. The analyst shared the following chart, suggesting that BTC may finally be ready for a breakout to a new all-time high (ATH).
Related Reading: Bitcoin Weekly RSI Climbs Toward Upper Boundary – Will BTC Bulls Push Through?Similarly, fellow crypto analyst Jelle commented on the latest BTC price action, noting that while the digital asset is still trading in a local range, it has successfully flipped previous local highs into support levels.
On a longer time frame, BTC appears to be steadily approaching a rising trendline formed by multiple previous resistance levels. Crypto analyst CryptoGoos noted that once Bitcoin breaks above this trendline, “sky is the limit.”
Bitcoin may also benefit from short liquidations. In a separate X post, seasoned crypto analyst Ali Martinez noted that over $30 million in short positions could be wiped out if BTC surges past $111,000.
Related Reading: Bitcoin Long-Term Holders Selling, But Price Holds – New Buyers Stepping In?Short liquidations occur when traders who bet against an asset are forced to close their positions due to rising prices, typically by buying back the asset at a loss. This buying pressure can further drive prices up, often resulting in a rapid price surge known as a short squeeze.
Meanwhile, there are no clear signs of exhaustion in the Bitcoin market. According to a recent analysis by CryptoQuant contributor Crypto Dan, the BTC bubble chart suggests that the asset is cooling off without overheating – implying more room for growth.
That said, some risks remain. Bitcoin recently flashed a rare signal on the three-month chart that could foreshadow a brutal sell-off, possibly dragging the price down to $40,000. At press time, BTC trades at $107,701, down 1.6% in the past 24 hours.