The bearish trend of Bitcoin (BTC) may have ended.
The bearish structure of Bitcoin is 'collapsing' as the king of cryptocurrencies (Bitcoin BTC) breaks out of the bearish compression pattern and enters the bullish quadrant—this price area indicates that a price uptrend may occur.
Historically, this indicates greater upside potential, and even a brief decline won't stop it.
Earlier this week, despite a drop in the stock market, Bitcoin's price remained relatively stable. A low-risk mechanism favorable to risk assets is on the way, which will provide a 'perfect environment' for the king of cryptocurrencies (Bitcoin BTC). However, before the rise, Bitcoin's price may drop about 5% from the current level to around $80,000.
Analysis shows that long-term holders of Bitcoin are firmly holding, rather than selling out of 'fear.' Data analysis indicates that the most severe sell-off by 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 whales have reached the highest level in a year.
The whales are back, and their Bitcoin holdings are close to the all-time high since the last halving.
Strong hands accumulate faster, holding at price, 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 $84,546.
