Bitcoin Price Braking Out- Will It Mark New Highs Following a 2021-Like Rally?

[Coinpedia Fintech News]

The BTC price has broken above a bearish rising wedge pattern on the daily chart and surged by over 8%, hitting the yearly high of $31,000. Of course, the bears tried to bring the price down, but that hasn't stopped the bullish trend from continuing.

Now, in the short-term, it's possible for Bitcoin (or any crypto) to shed some of its gains as it reaches the peak of the rising wedge pattern and visits nearby support levels. However, if the BTC price manages to hold steady and avoid a dip, we could be looking at a massive explosion in price that propels it even higher, potentially reaching new all-time highs.