Bitcoin (BTC) has experienced little price movement this week and is up just 0.25% in seven days, according to the figures. data from CoinMarketCap. Following the announcement on Wednesday that federal interest rates will remain at their current levels, the major cryptocurrency showed the expected reaction and maintained its price above $27,000.
However, over the past two days, Bitcoin has witnessed a slight price decline of 2%. With the most expensive blockchain asset now hovering around $26,500, crypto analyst Captain Faibik has predicted an upcoming bullish run that could see BTC close 2023 with impressive gains.
Analyst Says Bitcoin Poised for a 30% Gain Soon
Saturday, Captain Faibik shared on X (formerly Twitter) with his 65,000 followers a Bitcoin price prediction. Using data from Tradingview, the analyst stated that Bitcoin is currently experiencing a consolidation into a falling wedge dating back to March 2023.
Assets are also likely to remain in this wedge throughout October, reaching a low of $23,000, according to Faibik. Testing this price level, Faibik predicts that Bitcoin could experience a price breakout and embark on a strong bullish run.
$BTC continues consolidation within the Wedge.
I expect Bitcoin to remain within the wedge through October and possibly test the 23k area before an upside breakout.
34,500 were programmed in November. ✍️#Crypto #Bitcoin #BTC pic.twitter.com/gjMMZNGrAJ
— Captain Faibik (@CryptoFaibik) September 23, 2023
To explain, a falling wedge pattern is generally interpreted as a bullish signal. It generally suggests that a bearish trend is losing steam and a price reversal may occur soon.
If this pattern holds true in the current Bitcoin market, Captain Faibik predicts that Bitcoin could start to rise in November and reach a price of $34,500 by January 2024. Such a price increase would mean a 30% increase in Bitcoin’s current price.
As usual, there are no guarantees for this prediction as the crypto market is subject to several factors. Investors are advised to conduct proper personal research before making any investment decisions.
Bitcoin Non-Whales Reach New Levels of Market Supply
In other news, Bitcoin non-whales, generally defined as addresses holding less than 100 BTC, have increased their total holdings in the BTC market.
According to data from SantimentThese wallet addresses have acquired 2.4% of BTC’s supply as of October 2022 and are now responsible for a record 41.1% of Bitcoin’s available supply.
On the other hand, BTC whales, defined as addresses holding 100-100,000 BTC, have dumped 0.9% of BTC since early June and now account for 55.5% of the available supply of BTC, the lowest level of market dominance since May.
At the time of writing, BTC is now trading around $26,574, down 0.07% on the last day. The token’s daily trading volume has also fallen by 29.95% and is valued at $9.17 billion. With a market capitalization of $517.19 billion, Bitcoin retains its place as the largest cryptocurrency on the market.
BTC trading at $26,569 on the hourly chart | Source: BTCUSDT chart on Tradingview.com
Featured image from Investing News Network, chart from Tradingview