The bearish trend of Bitcoin (BTC) may have ended.
The bearish structure of Bitcoin is 'collapsing' as the king of cryptocurrency (Bitcoin BTC) breaks out of the bearish compression pattern and enters the bullish quadrant—this price area indicates a potential upward momentum.
“Historically, this indicates greater upward potential, and even a brief decline will not stop it.”
Earlier this week, despite the stock market decline, Bitcoin's price remained relatively stable. A low-risk mechanism favorable to risk assets is about to arrive, which will provide a 'perfect environment' for the king of cryptocurrency (Bitcoin BTC). However, before the rise, Bitcoin's price may drop about 5% from current levels, to around $80,000.
Analysis indicates that long-term holders of Bitcoin are firmly holding on, rather than selling due to 'fear.' Data analysis shows that the most severe sell-off among long-term holders has ended, and it is not as severe as in July and August 2024.
Regarding Bitcoin whales, after resuming accumulation this month, the holdings of BTC large holders have reached their highest level in a year.
“Whales are back, their Bitcoin holdings are approaching historical highs since the halving.”
Strong players accumulate faster, holding prices, but of course, they are also waiting for the best bid.
The fourth Bitcoin halving will occur on April 19, 2024.
As of the time of writing, the trading price of Bitcoin is $84,544.
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