Bitcoin Price Consolidates Within Falling Wedge: Buy Now Instead of Later
Investors are divided on Bitcoin's price drop during the previous week, with some signs pointing to future losses. One expert believes the current phase may be the final chance to purchase before the next great rise.
According to popular crypto analyst Captain Faibik on social media platform X, Bitcoin is primed for a bullish breakout as it consolidates in a technical pattern that usually precedes upward momentum.
Falling Wedge Pattern Suggests Bullish Breakout
From the Bitcoin daily candlestick timescale chart, the main cryptocurrency has been consolidating in a falling wedge for about four months. The falling wedge formation, famed in technical analysis for its bullish connotations, started in December 2024 and lasted from its January all-time high to the March severe correction.
Bitcoin gradually fell to $81,300 this week after peaking at $88,500 early last week. Captain Faibik sees this dip as a good consolidation, not a negative reversal, and believes the corrective period is ending. He highlighted that the wedge pattern predicts a breakthrough around the start of April, which might push Bitcoin to a new high by month's end.
The expert forecast a $109,000 Bitcoin price by month's end. If accurate, this estimate would reach the all-time high of $108,786 and confirm that the March correction was building toward a bull cycle continuation.
Compared to its month-open, Bitcoin fell 17.5% in February and 2.19 percent in March. The extended downturn trend will finish if Bitcoin closes the month at $109,000.
Whale Accumulation Rises, Retail Investors Wary
The disparity in Bitcoin behavior between seasoned and rookie investors is growing. Captain Faibik said that huge investors have been stockpiling Bitcoin for weeks, which usually precedes price increases. Over 30,000 BTC were removed from crypto exchanges last week, according to Santiment, an on-chain analytics company.
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