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The price correction of Bitcoin in the past week has caused Mixed emotions with investorsof Some indicators point to possible further decreases. According to an analyst, however, the current phase could be the last chance to buy before the next big rally.
The popular crypto analyst Captain Faibik, posting on social media platform X, is of the opinion that Bitcoin is ready for a bullish breakout, because it continues to consolidate in a technical pattern that usually precedes the upward movement.
Falling wig pattern hints with incoming bullish breakout
Technical analysis of The Bitcoin Daily Candlestick Time Frame graph shows that the leading cryptocurrency has been consolidated in a falling WIG for almost four months. This falling wig pattern, known in technical analysis because of its bullish implications, started in December 2024 and included the period of his all time in January to the intense correction in March.
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After a peak of approximately $ 88,500 early last week, Bitcoin spent a gradual withdrawal all week and reached a low point of $ 81,300. Interestingly, Captain Faibik interprets this decline as a healthy consolidation instead of a bearish, which says that the correction phase is now approaching. He noted that the wig pattern suggests that there is an outbreak at the beginning of April and that this breakout could send the Bitcoin prize to a new of all time At the end of the month.
The analyst predicted that the Bitcoin price would trade around $ 109,000 at the end of the month. If this is realized, this prediction would not only exceed the current highest highlight of $ 108,786, but also confirm that the correction that took place produced in March to a continuation of the wider bull cycle.
Bitcoin has fallen over the past two months, ending in February with a decrease of 17.5% and the March ends with a decrease of 2.19% compared to its monthly people. As such, Bitcoin will close the month around $ 109,000 will also mark the end of the long -term correction trend.
Whale accumulation is increasing, but retail investors hesitate
The Difference in behavior to Bitcoin Between experienced investors and newcomers, it becomes more visible. Captain Faibik pointed out that large investors have actively collected Bitcoin in recent weeks, which usually precedes considerable upward price action. This is unveiled by an interesting statistics of on-chain analytics platform Santiment, which shows that more than 30,000 BTC were withdrawn from Crypto exchanges last week.
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At the same time, many retail investors are on the sidelines, expecting further dips before they submit submissions. The fact that whales don’t wait for lower prices is one Strong voice of trust In the Bitcoin process in the short term. At the time of writing, Bitcoin trades around $ 83,500, an increase with a modest profit of 1.9% in the last 24 hours, but is still 23.3% below the all time in January.
Featured image of Unsplash, graph of TradingView.com