Bear Market Breakout: Will Bitcoin Punch Through $126K Top?

The Bitcoin price has been stuck in a bear market for over 300 days, but experts believe it may be on the verge of breaking through the trendline.

A breakout could occur within the next hour or so, according to TradingView charts. The short-term time frame shows the bear and bull market trendlines converging, with the price currently resting against the bear market trendline.

The Stochastic RSI indicator lines have crossed up and are poised to add upside momentum to the price action. In addition, an inverse head and shoulders pattern is still in progress on the daily chart, which will only be completed if the price breaks through the bear market trendline.

This weekend may prove critical for Bitcoin's prospects, as a successful breakout could signal the end of the bear market. However, a rejection from the current level would mean that one more weekly candle is needed before the big breakout happens.