Bitcoin has surged significantly above the $117,500 mark in recent days according to data from TradingView, reaching the highest price since the end of July. This sharp rise in the crypto market has sparked new expectations among investors and revived discussions about a potential continuation of the upward trend.

BTC formed a harmonic pattern

Besides breaking the psychologically important threshold, a harmonic pattern has also formed on the charts. According to harmonic pattern theory, if the maximum is confirmed at point D, the price tends to correct towards Fibonacci levels 0.618 ($116,300) or 0.382 ($114,600).

Such a movement would mean a short-term decline, after which Bitcoin could resume its upward trend. This scenario is especially interesting for swing traders looking for entry positions after the correction ends.

The current price rise meets an important resistance made up of local highs from the corrective movement. This means that although the price has made significant progress, confirmation of a trend reversal has not yet occurred. If Bitcoin drops to one of the key Fibonacci levels and stabilizes there, it could be a signal for further growth.

From a technical analysis perspective, the $117,500 level is crucial. It is not only a psychological boundary but also a zone where large buy orders concentrate, increasing the likelihood of a price bounce.

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Bitcoin repeats the same behavior

Interestingly, Bitcoin has behaved fairly consistently throughout the year. Instead of deeper corrections, it forms a descending flag — a technical pattern where the price gradually declines within parallel lines, followed by a significant drop at the end of the formation.

This is then followed by a dynamic recovery, often reaching new price highs. This pattern repeats in the market and strengthens the belief that the current development may not mean the end of growth but rather a preparation for the next phase.

Similar patterns are often associated with strong bullish impulses if the upper trendline is broken. In the case of Bitcoin, such a scenario could mean an attack on further psychological levels and attract new investors to the market.