Bitcoin ($BTC) has recently gone through a totally unexpected price plunge below $105K. Nonetheless, despite the sudden downturn, the leading crypto asset is showing a rising wedge pattern, indicating a bullish outlook. At the same time, as per the data from a popular crypto analyst, Captain Faibik, irrespective of the volatility, the technical indicators point toward a wider optimistic structure amid the continuous upward trajectory. Keeping this in view, it is expected to soon enter a bull run as the investor trust is growing.
Bitcoin Shows Bullish Outlook with Rising Wedge Pattern
As the on-chain data discloses, following Bitcoin’s ($BTC) unexpected plunge to $104, 953, it is seeing a rising wedge price pattern. This pattern indicates a bullish outlook as the technical indicators remain intact amid the wider market optimism. Hence, the $BTC/$USDT pair’s rising wedge pattern highlights the sustenance of the price above the major trendline. In this respect, the investors are consistently showing trust rather than panic selling.
Flagship Crypto Eyes Another Leg Up Amid Positive Outlook
According to Captain Faibik’s data, even after plunging below the $105K spot, the resilience of Bitcoin ($BTC) and technical support denote a good sign for next leg up. Thus, if the flagship cryptocurrency maintains its status above the current trendline, the rising wedge pattern could lead to another rally. In the meantime, while $BTC holds on to its positive outlook, the market onlookers are keenly watching for the major catalysts to trigger an exclusive price jump.
