BITCOIN Is this a Falling Wedge bottom formation?

Bitcoin (BTCUSD) is trading since the February 28 Low within a Falling Wedge pattern, below the 1D MA50 (blue trend-line) and at the same time supported by the 1W MA50 (red trend-line).

Throughout its dominant Bull Cycle pattern, the +2 year Channel Up, it has formed another 6 such Falling Wedges, all below the 1D MA50 and all turned out to be market bottom formations, which paved the way for an immediate bullish break-out. On all occasions, the 1D CCI has been almost as low as on the February Low.

The shortest rebound it made before another break below the 1D MA50, was +26.68% and the highest was +106.96%. As a result this gives us a minimum immediate potential Target of $96800 and a maximum of a little more than $150000. Given that the price has touched the bottom of the long-term Channel Up, like the bottom formations of September 06 2024 and September 11 2023, it is quite likely to see the stronger rebound probability taking place.

But what do you think would be the case? Is this a classical Falling Wedge bottom break-out formation and if so what may be the Target? Feel free to let us know in the comments section below!

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