Bitcoin Declining Broadening Wedge & $70kBitcoin price is attempting to break out of a declining broadening wedge pattern while also testing horizontal resistance at $70k. Bitcoin first reached $70k in 2021, failed to move higher, and made a low near $15k in 2022 before rallying back up to $70k again earlier this year. Since then, price has mostly trended between $55-70k while forming a declining broadening wedge pattern in the process. When price breaks above the upper line of a wedge you can expect price to move higher. When price breaks below the lower line of a wedge you can expect price to move lower. Right now we have price pushing above the upper wedge line and back to testing the $70k level again. If price starts pushing above the $70k level here it will likely be the start of the next move higher for Bitcoin and into new all-time high territory.
Recent moves higher in crypto and crypto-related stocks seem to be based around an assumption that Trump will win. While the Biden/Harris administration have been vocal critics of crypto for nearly 4 years with heavy regulation, Team Trump are all on board and supporters of digital assets. A Trump win would likely lead to a clearing of roadblocks that have helped to cap Bitcoin price under $70k for the past 4 years.
Best strategy with crypto is to ignore everything except Bitcoin. Buy some regularly, don't think about trying to trade it, and hold for the long-run. Best performing asset of the past decade while also seeing a faster adoption rate than any other technology including internet and cell phones.
