Bitcoin Eyes $138K: Bullish Continuation in Play?

• Bitcoin holds strong above $91K support despite multiple tests.
• Price forms an ascending broadening wedge, hinting at a potential breakout.
• Measured move target for the bullish scenario is $138K.

Bitcoin ($BTC) continues to demonstrate resilience, holding firmly above the critical $91K support level despite repeated attempts to break below it. This stability suggests strong demand at these levels, adding weight to the bullish case for the leading cryptocurrency.

The current price structure places Bitcoin within an ascending broadening wedge—a pattern known for its dual nature as both a continuation and reversal indicator. While the pattern can break in either direction, Bitcoin’s ability to maintain its lower support increases the likelihood of an upside breakout.

Understanding the Ascending Broadening Wedge

The ascending broadening wedge pattern is characterized by expanding price swings with a rising support line and an even steeper resistance line. This pattern often occurs in trending markets and is closely watched by traders for breakout opportunities.

For Bitcoin, the key lies in its ability to hold the $91K support. As long as this level remains intact, the odds favor an upward breakout. A breach above the upper resistance line of the wedge could open the doors for a significant rally.

The Path to $138K

In a bullish scenario, the measured move target for Bitcoin’s ascending broadening wedge places its price at approximately $138K. This target is calculated based on the widest part of the wedge added to the breakout point.

While this bullish target is enticing, it’s important to remain cautious. A break below the $91K support could invalidate the setup, leading to a potential reversal. Traders should closely monitor volume and price action to confirm the breakout direction.

For now, Bitcoin’s price action hints at strong upward momentum, making this a critical moment for both short-term and long-term investors.