Bitcoin's Blueprint: Channel Breakout Sets Stage for $104K Push

6 mag

Looking at the Bitcoin/TetherUS 1D chart from May 6, 2025, we're witnessing a critical technical setup that suggests significant upside potential.

The price is currently at $94,758 , having established a solid foundation after the April recovery. This technical analysis reveals a powerful bullish scenario developing:

Master Pattern: Ascending Channel Continuation
Bitcoin has formed a textbook ascending channel (yellow boundaries) since the February-April bottoming pattern. After testing the lower boundary in April at approximately $74,508, price has rebounded sharply and is now consolidating in a rectangular accumulation zone (purple box).

Key Technical Elements:
- Diagonal Support Break : Price has successfully broken above the descending trendline (gray) that had capped gains since early 2025
- Channel Position : Currently trading in the lower half of the ascending channel, suggesting significant upside room
- Volume Confirmation : The 10.61K volume with positive price action (+0.03%) indicates healthy accumulation

Projected Movement Pattern
The blue arrows map out the anticipated price movement:
1. Current consolidation within the purple box (accumulation phase)
2. Initial thrust to upper channel boundary (~$100K)
3. Minor pullback to establish higher support
4. Final push toward the target of $104k

Strategic Insight: "The Channel Magnet Effect"
Bitcoin's price action demonstrates the magnetic pull of the upper channel boundary after confirmed breaks of diagonal resistance. The purple consolidation zone serves as the launchpad for this measured move.

This pattern is particularly significant as it mirrors Bitcoin's historical tendency to build momentum through rectangular consolidations before channel expansions.

Traders should watch for a convincing break above $98,000 as confirmation of this bullish scenario, with potential for acceleration once psychological resistance at $100,000 is breached.

For risk management, the lower boundary of the purple box provides a clear invalidation point for this bullish thesis.

9 mag

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