Bitcoin Price Forecast (Bitcoin-BTC): With eyes on the descending triangle pattern, can the price achieve a 100% increase?
A significant triangle pattern has emerged recently, and Bitcoin's price expectations are now hopeful for a 100% move, while bulls defend the support level at $115,000.
The price of Bitcoin remains caught in a tug-of-war between positivity and negativity, and the price movements of the currency now form a descending triangle pattern facing clear resistance at the trend line.
Currently, the critical support area for Bitcoin's price lies between $115,000 and $116,000, where bullish speculators are strongly positioned. This resilient support has sparked optimism about the possibility of Bitcoin's price ($BTC ) achieving a 100% gain, which is equivalent to double the current price levels.
Galaxy Digital and dormant whales are behind the drop in Bitcoin's price (#bitcoin )
The recent decline in the market is mainly attributed to the pressures resulting from Galaxy Digital's ongoing sale of Bitcoin. In just Friday's trading session, the company sold 12,850 Bitcoins valued at approximately $1.5 billion across various trading platforms.
Additionally, long-dormant Bitcoin whales have sold up to billions of dollars worth of BTC in recent trading sessions.
These combined selling pressures led to widespread liquidations, pushing the price of Bitcoin below $116,000 as the market attempts to regain its balance.
In this context, Bitcoin analyst Ki Young Ju noted a significant difference from the 2021 bull market cycle, pointing out that whales sold their holdings to small investors back then, while the current cycle sees dormant whales transferring their holdings to new investment institutions seeking long-term investment.
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