Bitcoin’s Rising Wedge: Key Levels Suggest Potential Breakout Towards $130K or Correction to $110K

• Bitcoin remains within a rising wedge, signaling potential volatility ahead.

• Market data indicates BTC is up 101% year-over-year, showcasing strong upward momentum.

• Analysts suggest that if bullish momentum continues, Bitcoin could reach targets as high as $380K.

Bitcoin price analysis shows a rising wedge formation, with key breakout levels at $110K and potential upside targets. Stay informed with the latest updates!

What is a Rising Wedge Formation in Bitcoin Trading?

A rising wedge formation in Bitcoin trading is characterized by converging upward trendlines, indicating potential price volatility. Currently, Bitcoin is trading at $117,617, and traders are closely monitoring key breakout levels for future price movements.

How Does the Current Market Structure Affect Bitcoin?

According to analysis from Captain Faibik, Bitcoin’s rising wedge indicates controlled price action with higher lows. The upper boundary connects recent highs, while the lower trendline has confirmed support through repeated testing. This structure suggests that traders should prepare for a potential breakout.

Frequently Asked Questions

What is the significance of the $110K level for Bitcoin?

The $110K level serves as critical downside support. A break below this level could indicate increased selling pressure and a potential bearish trend.

How high can Bitcoin go if it breaks out?

If Bitcoin breaks through the current resistance, analysts suggest it could reach targets as high as $380K, depending on market momentum.

Key Takeaways

• Rising Wedge Formation: Indicates potential volatility in Bitcoin’s price.
• Current Trading Price: Bitcoin is trading at $117,617, up 101% year-over-year.
• Future Targets: Analysts predict potential targets of $130K to $380K if bullish momentum continues.

Conclusion

In summary, Bitcoin is currently navigating a rising wedge formation, with key levels at $110K for downside support and potential upside targets ranging from $130K to $380K. As market conditions evolve, traders should stay vigilant for breakout signals and prepare for possible price fluctuations.

Bitcoin trades at $117,617 inside a rising wedge, with key breakout levels set at $110K downside and $130K–$380K upside targets.

• Bitcoin remains inside a rising wedge, with key levels at $110K downside and $130K upside.

• Market data shows BTC trading at $117,617, up 101% year-over-year with strong upward structure.

• Analysts point to August breakout potential, with bold targets reaching $380K if bullish momentum holds.

Bitcoin continues to move inside a rising wedge formation on the daily chart, according to multiple market observations. The structure shows converging upward trendlines, with support and resistance defining the current trading range. Traders are watching closely as the market prepares for a potential decisive breakout.

Rising Wedge Formation and Current Levels

According to analysis prepared by Captain Faibik via X, Bitcoin remains inside the rising wedge on the daily chart. The upper boundary connects several recent highs, while the lower trendline has confirmed support through repeated testing. This setup reflects controlled price action, with higher lows and steady upward momentum recorded since March.

Market data from CoinMarketCap shows Bitcoin trading at $117,617, marking a yearly gain of 101.34%. The market capitalization stands at $2.34 trillion, while daily trading volume is recorded at $65.12 billion. Price action since September 2024 has shown consistent growth from $57,561 to the current levels, despite periods of consolidation.

Source: CoinMarketCap

The bearish case focuses on a confirmed break below the wedge, which could drive Bitcoin toward the $110,000–$105,000 range. Such a move would reflect loss of wedge support and an increase in selling pressure across the daily timeframe.

Bullish Scenario and Future Targets

The bullish case, according to Captain Faibik, points to support holding firm and Bitcoin pushing through $125,000 resistance. In that scenario, the next target would open toward $130,000 and higher, extending the existing upward trend. This aligns with the observed momentum since July, where Bitcoin consistently traded above $100,000 with steady gains.

Source: Chiefy(X)

Another observation from Chiefy noted that Bitcoin could hit a breakout stage on August 18. “The next target is $380,000, and lowcaps will pump 250–300x,” Chiefy stated. He further mentioned that “every $150 today will turn into $30,000 next month,” referring to possible outcomes of the expected breakout.

Current chart structures confirm that Bitcoin continues consolidating inside the wedge boundaries. Market participants await confirmation of either a bearish correction toward lower levels or a bullish extension toward new highs.