A cryptocurrency trading expert is predicting that, based on technical indicators, Bitcoin (BTC) might be in the process of forming a bottom before an explosive rally to a new all-time high.
This outlook comes as Bitcoin continues to consolidate below the $90,000 mark amid a broader market sell-off.
According to the analysis, Bitcoin has formed a ‘triangle bottom’ pattern, similar to those seen in September 2023 and August 2024, suggesting that history may be about to repeat itself, TradingShot noted in a TradingView post on March 7.
Bitcoin price analysis chart. Source: TradingView
The analysis observed that Bitcoin has formed a familiar pattern: lower highs acting as resistance and higher lows forming support. This consolidation structure has historically preceded major upside moves.
In this context, Bitcoin’s price action since the February 28 low mirrors previous cycles, where similar patterns marked the bottom before BTC surged. The key confirmation for a breako
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