![Bitcoin Analyst Shares a Scenario Where BTC Could Hit a New All-Time High Before Halving](https://captainaltcoin.com/wp-content/uploads/2023/10/image-508.png)
According to crypto trader Ali, bitcoin appears to be carving out a descending triangle pattern on its hourly chart that could soon result in a major price swing. He notes that there are two key levels that may determine the next big BTC move: $41,900 and $40,700.
As Ali points out, Bitcoin has formed lower highs and horizontal support around $40.7K over the past couple days, creating the descending triangle. Descending triangles are typically bearish patterns, but BTC remains stuck in the middle of the formation for now.
![](https://captainaltcoin.com/wp-content/uploads/2023/12/image-520-1024x687.png)
The boundaries created by the horizontal support and angled resistance lines are squeezing price action into an increasingly tight range.
Ali believes that eventually, Bitcoin should see a strong breakout move once this period of consolidation comes to an end. If BTC falls through support around $40.7K, he sees a potential drop of 8–9% toward the low $30Ks.
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Show more +However, a move above the descending trendline and $41.9K could also spark a rally of similar size. In other words, as per Ali’s analysis, bitcoin looks wound up and ready for higher volatility after days of directionless churning.
He advises traders to keep a close eye on the apex of this triangle, as BTC’s next big swing looms in the very near future. A clean break above $42K could ignite the bulls, while a plunge below $40K may open the floodgates for more downside. After several days of calm, Ali believes bitcoin appears on the verge of making its next major move.
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