BTCUSDT Technical Analysis: Higher Timeframe Outlook

On the weekly timeframe, BTCUSDT has exhibited a robust bullish trend with phases of consolidation and corrections since early 2022. The chart reveals that BTC has been trading within a parallel channel for an extended period. Historically, when BTC reaches the middle line of this channel, it either experiences a downward pullback or a breakout.

Recently, the bounce off the middle line appears to be indicating a significant bullish correction. Should BTC break above its previous all-time high (ATH) once again, there's a potential to reach a new ATH of 200k.