.png){kind=logo}
Bitcoin price action is drawing renewed attention after analysts identified a recurring technical structure on the weekly chart.
The pattern shows BTC trading within a rising wedge, similar to the formation seen in 2023.
That earlier structure preceded a strong rally that pushed prices to new cycle highs.
The chart, shared on X by Crypto Wizard, maps Bitcoin’s movement from 2021 through early 2026. It shows repeated reactions along rising support and resistance lines over multiple market phases. The latest price action places BTC near the lower boundary of the wedge after a sharp pullback.
At the time of the chart, Bitcoin trades near the mid-range of the pattern after bouncing from support. The structure now mirrors the consolidation phase that preceded the 2023 breakout.
Is history repeating?
On the weekly chart, a rising wedge is drawn that was created following the cryptocurrency Bitcoin’s recuperation from the lows of the year 2022. This wedge indicates the existence of an upward price movement cycle, consisting of higher lows and higher highs, which are being marked by two trendlines directed upward. The price action during this period of the advance has acknowledged the above-mentioned limits repeatedly.
In 2023, Bitcoin tested the lower wedge support multiple times before a strong upside move. Each test produced a rebound that carried price toward the upper resistance line. That sequence ended with a breakout and rapid upside continuation.
The current structure shows a similar rhythm. Bitcoin recently dipped to the lower wedge boundary and rebounded again. The chart marks these reactions with circled areas to show repeated demand at support.
Recent candles show Bitcoin pulling back sharply from the upper wedge region. Price then stabilized near rising support before attempting another recovery. This behavior matches earlier consolidation phases on the chart.
The analyst annotation suggests a possible sweep below support before a stronger bounce. Such moves occurred during the 2023 setup before the rally accelerated. The chart places this risk within the same structural context.
Despite the pullback, Bitcoin remains inside the rising channel. The trendlines continue to guide price action without a confirmed breakdown. This keeps the broader structure intact for now.
The chart extends projections into 2026, showing potential upside continuation if the pattern holds. An upward arrow marks a possible move toward higher price zones above the current range. This projection follows the same slope as the existing wedge.
Earlier sections of the chart show how similar consolidations resolved in prior cycles. Bitcoin formed bases, respected trend support, and later expanded upward. Those historical moves form the basis of the comparison shown.
Crypto Wizard noted that a major bounce may still develop, even with short-term volatility. The structure remains similar to 2023, based on the visual pattern alone. Market participants continue to watch whether support holds or gives way briefly before the next move.
Read More: Top Bitcoin 2026 Price Predictions: From $75,000 Up to $225,000
Bitcoin price continues to trade inside a rising wedge that closely mirrors its 2023 structure. The chart shows repeated support tests, rebounds, and consolidation phases. While short-term volatility remains possible, the broader technical pattern stays intact, keeping attention on whether history may repeat.
