Recent market inflows and dynamics have seen the Bitcoin price breaking free from a 7-month descending broadening wedge pattern. According to crypto analyst Gert van Lagen, Bitcoin’s breakout last week could signal the onset of a major price continuation phase as the bulls aim above the $70,000 mark. Particularly, Van Lagen highlighted that Bitcoin’s ability to successfully retest the upper trendline of this pattern lends strong momentum to the current bullish structure. The descending broadening wedge pattern is a reversal structure in technical analysis, often hinting at a strong trend upon breakout. Bitcoin’s ability to breach the upper trend line reinforces the likelihood of bullish momentum, lending voice to a new all-time high in the coming weeks. Bullish Retest Validates Strong Support For Next Rally At the time of van Lagen’s analysis, the Bitcoin price was retesting a bottom-sloping trend line, which has capped its price rallies since it reached an all-time high of $73,737 in March. By then, Bitcoin had already peaked out of this trend line in the descending broadening wedge and was ..
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