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## Analysis of Bitcoin’s Price Pattern

A key price pattern has emerged on bitcoinÔÇÖs (BTC) price chart, hinting at a potential pullback ahead. The cryptocurrency has rallied from $60,000 to new record highs above $70,000 in less than two weeks. The ascent has taken the shape of a ÔÇ£rising wedge,ÔÇØ which is a bearish pattern, according to technical analysis theory.

## Understanding the Rising Wedge Pattern

A rising wedge pattern comprises upward-sloping trendlines that connect highs and lows and converge toward a single point known as the apex. The converging nature of trendlines indicates a steady weakening of bullish momentum. Thus, an eventual wedge breakdown, or the move below the trendline connecting lows, represents a bearish development, paving the way for deeper price losses. This pattern may signal a potential pullback in bitcoin’s price.

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## Signs of Potential Price Pullback

Other indicators like the 10-day rate of change, which measures how rapidly prices are surging or falling over 10 days, have decoupled from the rising prices. The divergence suggests a downside momentum is building and often foreshadows price pullbacks. In previous bull markets, 20% or more pullbacks were common, indicating the possibility of a similar scenario for bitcoin’s current price trend.

## Expert Opinion and Outlook

Crypto analyst and trader Josh Olszewicz believes that the pullback, if it occurs, will be short-lived. With ETF inflows and continued buying from entities like MicroStrategyÔÇÖs Saylor, the pressure from bearish movements may be difficult to sustain in the long term. Olszewicz’s insights highlight the potential resilience of bitcoin prices despite short-term fluctuations.

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