2024-5-10 19:15 |
The price of Bitcoin has taken a hit, going down by 7% over the past three days to trade around $61,000 as of this writing. However, one analyst believes the current pullback could merely be a pause before Bitcoin’s next major bull run.
X user and crypto analyst @Washigorira, known as “Titan of Crypto,” has spotted what they describe as a “falling wedge” pattern forming on Bitcoin’s chart. A falling wedge pattern is a bullish technical formation that often precedes a reversal and upside breakout.
According to Titan of Crypto’s analysis, the measured move from this potential falling wedge sets an upside target of around $74,000 for Bitcoin’s price. That would represent a gain of over 21% from current levels if achieved.
The analyst tweeted a chart showing Bitcoin’s price action along with the caption: “Bitcoin Back to $74,000 sooner than many expect? A falling wedge that seems to be currently playing out for BTC could catapult it back to $74k.”
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On-chain data seems to align with the bullish outlook as well. Blockchain analytics firm Santiment reported that large Bitcoin whales holding between 1,000 and 10,000 BTC have accumulated around $941 million worth of the crypto asset over the past day.
Santiment tweeted: “As Bitcoin ranges tightly between $61K and $64K, large whales have made some accumulation moves over the past 24 hours. Wallets with 1K-10K BTC have collectively accumulated ~$941M worth of coins, rebounding to their highest holding level in 2 weeks.”
Increasing accumulation by large holders is often viewed as a bullish signal, as whales tend to buy in anticipation of further price gains.
While past performance is not indicative of future results, the combination of potential bullish technicals and on-chain activity suggests that Bitcoin may have more upside left despite the recent bout of selling pressure.
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The post Analyst Sees Bitcoin Spike to $74k Following This Ongoing Retest: BTC On-Chain Data Supports Bullish Prediction appeared first on CaptainAltcoin.
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