Bitcoin In a Large Descending Triangle
BTCUSDT is in a descending triangle on the 4hr timeframe, and we are currently getting very close to testing that descending level of resistance. A strong rejection from this would make me very bearish for bitcoin in the medium term (2-4 months), and it would throw some doubt in my mind as to its' ability to reach 100k by Q2 on next year. However, the linear regression models I have seen suggest that, assuming a repeat of historical patterns and cycles, bitcoin will indeed reach 100k (at least) by Q2 next year (at the latest). Thus, based on the modelling I have seen, I give a higher likelihood that we either break this resistance in the next few weeks, or we see some consolidation around that level.
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