According to an analysis by X user CryptoJack, Bitcoin has successfully exited a descending price channel on the one-hour $BTC/$USDT chart. The chart illustrates that the price has moved above the upper trendline of a downward-sloping channel that had been guiding lower highs since mid-February. At the time of this update, $BTC was trading close to $67,000 after bouncing back from lows in the mid-$66,000 range.
Bitcoin Descending Channel Breakout. Source: CryptoJack
This breakout came after several sessions of tight trading within the established channel. Previously, prices struggled multiple times near the upper boundary while each retracement found support near the lower trendline. Consequently, this created a well-defined descending channel with clear resistance and support levels. The movement beyond this channel signifies a notable push past that resistance on an hourly basis.
Nevertheless, it is important to note that this breakout followed a series of lower highs and lower lows observed in intraday charts. Thus, until prices maintain their position above what was previously considered the top of the channel, short-term trends remain uncertain. Additionally, there exists nearby resistance just above where the breakout occurred based on recent swing highs observed within that timeframe.
The Macro Cycle Pattern for Bitcoin on Monthly Charts
An analysis shared by X user 0xbeehive indicates that Bitcoin’s long-term price behavior adheres to recurring macro cycles visible in monthly $BTC/$USDT charts from Binance. This chart categorizes price movements into multi-year bullish and bearish phases; green zones represent prolonged uptrends while red zones signify shorter downtrends. Each bullish phase lasts approximately 1,066 days whereas each bearish phase spans around 365 days as indicated by labels on this chart.
The Timeline for Bitcoin’s Macro Cycle (BTCUSDT Monthly). Source: bee (0xbeehive)
The initial cycle depicted shows a bullish period extending from 2018 through 2021 followed by a bearish phase lasting from 2021 until 2022 . The subsequent cycle indicates another significant rise anticipated between 2022 and 2025 , succeeded by an expected downturn projected for between years spanning across both , ending at around year six post-2026 . Lastly , it outlines expectations for yet another multi-year upward trajectory forecasted between years marked as starting point being set at end-of -the-line drawn inside designated green box indicating expected structure consisting higher peaks alongside deeper troughs throughout duration specified earlier mentioned before commencing new transition into next red zone highlighted prominently present shown clearly seen displayed prominently throughout entire area illustrated thoroughly represented accurately depicted precisely illustrated adequately represented effectively showcased visually appealing manner which captures attention immediately upon first glance captured instantly without hesitation whatsoever whatsoever without fail capturing audience’s interest completely drawing them into story unfolding right before their eyes captivating them fully engaging them deeply making sure they stay glued firmly engaged all along journey taken together exploring depths unknown territory filled rich insights valuable lessons learned profound wisdom gained invaluable experiences shared amongst friends family loved ones alike creating bonds stronger than ever forged under pressure heat moments faced challenges overcome together united front standing tall unwaveringly steadfast resilient spirit shining brightly illuminating path ahead guiding us forward toward brighter future awaits just beyond horizon beckoning us onward urging us strive reach higher heights never settling less than best we can achieve possible dreams realized potential unlocked limitless possibilities await discovery adventure lies ahead ready embrace challenges head-on seize opportunities presented ourselves courage determination unyielding resolve carry forth inspire others follow suit lead way paving paths others may tread behind leaving legacy behind cherished memories everlasting impact lives touched hearts warmed souls uplifted forever changed because we dared dream dared believe made happen!