Bitcoin (BTC) remained relatively subdued on Friday after a turbulent week across the broader cryptocurrency market, with traders watching closely for a decisive move from the market’s largest asset.
Notably, Bitcoin has gained nearly 3% over the past seven days, extending its recovery despite the recent volatility that has kept the broader crypto market on edge.
However, the gain has done little to push BTC far beyond the $79,000 zone, leaving traders divided over whether the prolonged consolidation will eventually give way to a sustained breakout or another decline.
Analyst Crypto Patel believes the monthly Bitcoin chart could be setting up for a major breakout. The analyst pointed to similarities between the current market structure and the pattern seen during the previous bear-market cycle.
According to the analyst, Bitcoin fell 68% during the last bear market before eventually advancing sharply to establish a new all-time high. In the current cycle, BTC has already recovered significantly from its latest pullback, with Patel arguing that the structure bears notable similarities to the earlier period.
 
Meanwhile, Bitcoin’s next major move could depend on the chart’s neckline. Patel suggested that a decisive breakout above this level could open the door to the $150,000-$200,000 range. On the other hand, losing the first major support zone could send BTC lower, with the analyst pointing to the $55,000-$45,000 region as a potential accumulation area.
The comparison does not guarantee Bitcoin will repeat its previous cycle, but it highlights why some traders are paying more attention to the long-term chart than to the coin’s current sideways movement.
Elsewhere, Bitcoin wizard Adam Livingston has taken an even more bullish view of the cryptocurrency’s next major move. Livingston argues that the current low-volatility environment resembles the period surrounding the November-December 2022 bear-market bottom.
His outlook suggests that Bitcoin could enter a powerful rally if the market structure develops as expected. Under that scenario, the cryptocurrency could eventually push through $100,000 before targeting substantially higher levels, including $200,000 and potentially beyond.
However, not every market observer expects an immediate breakout. Analyst “Crypto XLarge” recently highlighted Bitcoin’s extended stay near $79,000, describing the price action as a prolonged waiting period between competing bullish and bearish scenarios.
The analyst pointed to $100,000 as the bullish target while warning that a decline toward $55,000 remains a possibility if sellers regain control.
At the time of writing, BTC was trading at 77,392, down 3.37% over the past 24 hours.
Be the first to comment