Bitcoin Is Coiled For A Big Move. But Which Way?

Image Source: André François McKenzie

Bitcoin is in another period of consolidation. The pending breakout could be huge.

The bearish rising wedge broke in the expected direction with a huge move to the downside from 97,000 to 60,000.

The new pattern is not as clear. Is is a bearing rising channel (bear flag), or is it a bullish ascending triangle.

The latter is normally a continuation pattern in an uptrend. But Bitcoin is not in an uptrend.

With fat crayons, I suppose one might draw another rising wedge out of this, but the cleanest technical draw is an ascending triangle.

A monthly view might make things more clear.

Bitcoin Weekly Chart

The weekly chart shows the rising wedge and a symmetrical triangle. The symmetrical triangle is a continuation pattern of the existing trend. That would imply lower movement.

The E-Wave weekly chart is also clean. Wave 5 down would be expected.

And if a big top is in, this could just be wave 1 down. By that, I mean waves 1-5 form a bigger wave 1. With Wave 2 up expected, then wave 3 down, etc.

Wave 3’s, or sometimes 5’s, are the biggest waves. So if we are in a huge top setup, Bitcoin could easily crash all the way to 10,000 or even 1,000.

I won’t make any such calls. But my technical expectation is for 5 waves down now, then a rally. Five waves down would be to 50,000, which is also strong weekly support.

I have been accused of writing about Bitcoin after big moves. But this is the second time I have written in advance expecting a move lower.

Did Bitcoin “Digital Gold” Just Become Fool’s Gold?

On January 11, 2026, I asked Did Bitcoin “Digital Gold” Just Become Fool’s Gold?

In that post, I discussed the fundamentals and the rising wedge. I expected a breakdown and a consolidation rally.

The breakdown happened, and so did a feeble rally. The technical pattern suggests another move down. So do the fundamentals.

Please click on the above link for further discussion.