Bitcoin price rally in store? BTC creates largest-ever descending broadening wedge

After a difficult couple of weeks for the cryptocurrency market, which witnessed a dramatic price collapse of most of its assets, the sell-off seems to be slowing down, and investors and crypto trading experts are trying to predict the future price of the largest token – Bitcoin (BTC).

One of these chart analyses demonstrates the largest descending broadening (or broadening falling) wedge for Bitcoin in history, according to a tweet by the pseudonymous crypto expert known as Moustache, published on November 16.

Bitcoin price movement analysis and future estimation. Source: Moustache

As the analyst explained, “price has always risen rapidly after that,” referring to the similar large descending broadening wedge patterns that Bitcoin had previously formed in 2019 and 2020.

Specifically, the chart analysis posted by Moustache shows that this rise he is predicting could occur in the first half of 2023, possibly even (briefly) nearing the all-time high (ATH) of $69,000 before settling in at around $40,000.

Is 2023 the big year for Bitcoin?

Earlier, the popular crypto analyst pointed out that Bitcoin had to hold the level at around $15,800 to avoid the downfall continuation that risks it dropping even down to $13,000 “if the bearish triangle breaks out to the downside.”

However, Moustache’s recent prognosis plays into his earlier estimation of a bullish 2023, a conclusion he had drawn using The Wyckoff Method of chart analysis and the Network Value to Transactions Signal (NVTS), as well as observing a “bullish megaphone pattern.”

In addition, the expert listed similarities between Bitcoin’s technicals in 2019 and 2022, including the successful ABC correction, analogous relative strength indicator (RSI), and similar Stochastic RSI (StochRSI), all pointing to a future price increase.

Bitcoin price analysis

As things stand, Bitcoin is currently changing hands at the price of $16,578, which represents a decline of 0.49% on the day and 0.14% across the previous seven days, along with a 15.42% loss on its 1-month chart.

Bitcoin 1-month price chart. Source: CoinMarketCap

In the meantime, Tesla (NASDAQ: TSLA) CEO and the new owner of Twitter (NYSE: TWTR), Elon Musk, who is also a known crypto enthusiast, is confident that Bitcoin will survive, but he warned that it will probably “be a long winter.”

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