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Bitcoin has taken a hit after its recent surge to the $110,000 price mark last week, as the market shifted toward a more bullish sentiment. While BTC has fallen sharply from this level, its price is still holding strong above the $100,000 threshold. With BTC’s current resilience, market experts are predicting an impending rally even as optimism wanes among key investors.
A Massive Rally Brewing For Bitcoin
As Bitcoin’s price moves toward a bullish direction again, Trader Tardigrade, a technical expert and investor, foresees an impending notable bounce in the short term. BTC’s price action in the 1-hour time frame shows that the asset is poised for a bullish run due to past trends.
In his analysis shared on the X platform, the expert highlighted that BTC is trending upward in a key chart pattern, particularly an Ascending Broadening Wedge formation. The emergence of this chart is an indication of a resurgence of Bitcoin’s recent upswing above the $100,000 threshold.
Looking at Trader Tardigrade’s chart, the crucial setup has appeared multiple times since 2023. Each time the formation emerged, it has preceded a notable upward move, increasing the likelihood of an upsurge.
Recurring pattern hints at a continued uptrend for BTC | Source: Trader Tardigrade on X
With the pattern reappearing once again, the analyst is confident that a similar result could unfold, pushing Bitcoin’s price toward unprecedented levels. This trend suggests that the ongoing bearish action is a healthy retrace as the flagship asset looks toward making another historical move.
According to Trader Tardigrade, the ascending broadening wedge formation has formed for weeks, indicating growing momentum. Considering the robust performance and past scenarios, the analyst expects the pattern to trigger a major spike to the $170,000 milestone.
In the 4-hour time frame, crypto expert Ali Martinez also highlighted that Bitcoin is trending within an ascending triangle pattern. An Ascending triangle pattern is considered a bullish continuation setup, which suggests a possible rise in price. Martinez believes that a close above the upper line of the pattern at $106,100 or below $104,800 is likely to determine the subsequent direction of the next breakout.
BTC Whales Are Stepping Back
Even as Bitcoin’s price prepares for a major rally, whale investors appear to be stepping back. Ali Martinez revealed in a post on X that wallet addresses holding over 1,000 BTC have begun to reduce their holdings.
Data shows that these key holders have been persistently declining since BTC recently reached a new all-time high in May. This waning sentiment among large investors indicates weakening confidence in BTC’s current uptrend or a shift toward a more cautious stance.
However, this behavior may pave the way for renewed accumulation for lesser or retail investors. Historically, persistent buying pressure from retail holders has preceded short-term spikes, which signal a possible brief upside move for Bitcoin.
BTC trading at $107,116 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from Getty Images, chart from Tradingview.com
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