Assessment of Bitcoin's Value: Indicators Suggest an Upcoming BTC Adjustment

Bitcoin is in a sideways correction phase, with investors rotating capital into the altcoin market as they cash in profits. This pattern, seen historically when BTC tempers from all-time high prices, suggests an imminent altcoin rally. With a pullback towards a key Fibonacci retracement zone of $107K - $111K likely, a period of consolidation, coupled with altcoin strength, is anticipated.

The BTC consolidation is forming a descending wedge pattern, signaling bullish continuation. If the crucial support zone of $113K - $116K holds and triggers a breakout, a return to the $123K resistance is likely. Conversely, if support fails, a deeper correction towards $111K could unfold. The largest net inflow of BTC to exchanges since July 2024 suggests that major players are offloading BTC, potentially fueling an altcoin rally and increasing market volatility.