Andrew Kamsky
BTC Diamond Bottom + Falling Wedge Point to $72K Area
BTC formed a diamond bottom over roughly 40 days, from June to mid July. However, that pattern has already resolved, and its initial breakout was downward, the less common outcome for a diamond bottom. The current setup is a separate falling wedge formed during the consolidation that followed. Price has now broken above the wedge’s descending resistance, favoring further upside. Extending the wedge’s converging trend lines suggests a potential decision window around August 17, with the $72K region representing a speculative upside target. A rejection between $66.4K and $66.8K, followed by a series of higher lows, could begin forming an ascending triangle and create another opportunity for an upside breakout. A move back inside the wedge would weaken the bullish setup, while a crack below wedge support would invalidate it and suggest that the market is forming a different structure. For now, BTC remains cautiously bullish, with $72K as a possible scenario rather than a high confidence target.