Bitcoin ha roto su tendencia bajista y se prepara para alcanzar nuevos máximos.

Bitcoin (BTC), the leading digital currency in the market, had been “imprisoned” within a bearish channel since March 2024.

As seen in the following chart, provided by TradingView, after hitting its near $74,000 all-time high, BTC had entered a bearish trend from which it had not been able to break free… until now.

In trading, a bearish channel is formed when the price of an asset, like bitcoin, moves in a downward trend defined by two parallel lines: an upper resistance line that limits the highs and a lower support line that marks the lows.

These lines connect consecutive price peaks and valleys and create a visible range of oscillation within which the asset remains “trapped” in its descent.

Traders use this pattern to identify the direction and pace of a negative trend that typically discourages mass buying of the asset until a clear change is observed.

The breakout of the upper resistance in a bearish channel is interpreted as a signal that the price may have exhausted its correction phase and, instead of continuing to fall, could start a phase of recovery or growth.

This event usually catches the attention of buyers and analysts, who see it as an investment opportunity with positive expectations. By surpassing the resistance, as explained in the Cryptopedia (educational section of CryptoNews), bitcoin’s price generates a new sense of confidence in the market, which tends to attract more buying volume.

This breakthrough empowers bitcoin to seek new highs because it breaks the psychological and technical barrier that had been limiting its ascent. With this move, possible new price levels are projected that often act as magnets for the market, driving a buying pressure.

As explained earlier today, macroeconomic news to be released this week and the results of the upcoming presidential elections in the United States next Tuesday will impact the behavior of investors and, therefore, the price of bitcoin.

In general, short-term expectations are bullish for bitcoin in the event of a victory for Donald Trump (Republican) and bearish in the case of a victory for Kamala Harris (Democrat).

Additionally, for the medium and long term, there are mostly bullish expectations for bitcoin, regardless of the winner of these presidential elections.

For example, Matthew Sigel, head of research at the financial company VanEck, anticipates that bitcoin will have an average annual growth of 16% over the next two decades, which would lead it to be worth $3 million by the year 2050.