Bitcoin Targets $100K as Descending Broadening Wedge and Rate‑cut Hopes Lift Sentiment
Bitcoin is trading inside a Descending Broadening Wedge on the 4‑hour chart, showing expanding volatility but renewed buyer demand after a sharp November dip. BTC recently rebounded from the wedge’s lower boundary and was trading near $91,656, having cleared the $89,000 level and aiming for the $93,000–$94,000 zone. Analysts note the $100,000 area aligns with the wedge’s upper trendline and remains a key resistance; a successful break above it could trigger a stronger December rally. On‑chain signals cited include increased accumulation by long‑term holders and a 15% volume spike during the bounce. Macro catalysts supporting sentiment include expectations of a Federal Reserve rate cut in December, referenced by J.P. Morgan and Goldman Sachs, which traders view as bullish for risk assets. Key takeaways for traders: monitor volume for breakout confirmation, watch $93K–$94K as the immediate technical barrier and $100K as the decisive resistance, and track macro headlines on Fed policy that could accelerate or derail the move.
Bullish
The article highlights technical and macro factors that together point to a bullish bias. Technically, BTC’s Descending Broadening Wedge produced a strong bounce from the lower boundary, higher lows inside the structure, and a move above $89K toward $93K–$94K — all signs that buyers have regained short‑term control. The wedge’s upper trendline near $100K is the primary resistance; a confirmed breakout (preferably on above‑average volume) historically precedes extended rallies, as seen in prior BTC cycles. On‑chain evidence of long‑term holder accumulation and a 15% volume increase on the rebound add conviction. Macro tailwinds — market expectations of a December Fed rate cut cited by major banks — improve risk appetite and could amplify a breakout. Short term: expect volatility around $93K–$100K with potential quick squeezes if momentum accelerates. Watch volume and macro headlines closely; failure to sustain volume or negative Fed surprises would negate the bullish case and could lead to renewed downside toward the wedge base. Overall, probability favours a bullish outcome contingent on breakout confirmation and macro support.