Bitcoin Price Consolidates Within Falling Wedge Pattern Indicating Potential Breakout
Bitcoin's recent price correction has led to mixed reactions among investors. Some indicators suggest possible further declines, but analyst Captain Faibik believes this phase may present a final buying opportunity before a major rally.
Falling Wedge Pattern Indicates Potential Breakout
- Bitcoin has been consolidating within a falling wedge pattern for nearly four months.
- This pattern typically signals a bullish trend.
- After reaching $88,500, Bitcoin declined to a low of $81,300 last week.
- Captain Faibik views this decline as healthy consolidation, predicting an impending breakout in early April.
- He forecasts Bitcoin could reach $109,000 by the end of the month, surpassing its previous all-time high.
In February and March, Bitcoin experienced declines of 17.5% and 2.19%, respectively. A price of $109,000 would signify the end of this correction trend.
Whale Accumulation vs. Retail Investor Hesitance
- Large investors have been accumulating Bitcoin, withdrawing over 30,000 BTC from exchanges last week.
- Retail investors are waiting for potential dips before entering the market.
- The activity of whales indicates confidence in Bitcoin's near-term price trajectory.
- Bitcoin is currently trading around $83,500, reflecting a 1.9% increase in the past 24 hours and remaining 23.3% below its all-time high.
