If you open the entire history of bitcoin on a weekly timeframe on a logarithmic chart, you can see that it is moving in a global channel. The price has now broken through the middle of the channel, and it is possible that the price could come back and test it as support. The upper boundary is at $250,000 to $300,000. It does not mean that the price will reach the upper boundary of this channel or that it will not break at all, but it is an interesting model and worth looking into.
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P.S. I personally will open entry if the price will show it according to my strategy. Always make your analysis before a trade.