Bitcoin has displayed a remarkable technical setup in recent days, drawing attention from investors and analysts alike. For just the tenth time since 2011, a rare weekly breakout pattern is taking shape on BTC’s chart, fueling speculation about a substantial upward move. Data shared by analysts suggest that, based on the lowest historical returns from such formations, Bitcoin has the potential to reach a target of $138,836. On the flip side, $72,988 has been highlighted as a crucial support threshold in the event of a pullback.
Fluctuations near the $80,000 mark
In the short term, Bitcoin continues to oscillate around the $80,000 level. According to a chart from MCO Global, BTC has once again been rejected from the upper boundary of its short-term rising channel. After encountering resistance at $82,000 and failing to break through, Bitcoin was last seen trading near $80,690.
The nearest immediate support zone has formed between $79,932 and $80,458. Maintaining this range is considered essential for the continuation of the current short-term bullish wave. As long as BTC holds above this support, buyers could be poised for another potential rally.
However, after this latest rejection at channel resistance, risks of a deeper decline have also emerged. MCO Global notes that dropping below this support area may signal a weakening of the short-term pattern.
If BTC fails to hold above $79,932 after losing grip at the top of the channel, selling pressure may intensify toward deeper support levels.
Further support levels have been identified at $79,703, $78,762, and $77,832. If a more pronounced correction occurs, $76,527 is pinpointed as a key level to watch.
At present, BTC remains squeezed between the channel resistance around $82,000 and the support near $80,000. Should resistance be breached, technical indicators would favor a bullish scenario; but if the price slips below $79,932, the risk of accelerating sales increases.
Weekly breakout pattern: What does history say?
A weekly breakout formation has begun to emerge in BTC. According to a chart shared by the well-known crypto analyst Super฿ro, the price has spent five or more consecutive weeks within the same weekly candlestick range before finally closing above that level, highlighting a rare setup in Bitcoin’s history.
The critical breakout point for this formation has been set at $79,335. If Bitcoin closes above this level on a weekly basis, it may signal a renewed upward trend as seen in previous instances. However, the $72,988 mark continues to serve as a danger zone for potential downward moves.
Only ten occurrences of this breakout since 2011 have been documented. While the outcomes have varied, average historical returns amount to 1,255%, with the lowest case still reaching 75%. The biggest correction recorded after these setups has been 8%.
After similar formations in the past, the first target was calculated at $138,836, based on the minimum historical return.
This projection does not guarantee a repeat performance, but it has led investors to closely monitor the likelihood of a weekly breakout. Holding above $79,335 on the weekly chart is seen as vital for keeping upward momentum, whereas a retreat to $72,988 could undermine the technical outlook.
