Analyst Sees Bitcoin Spike to $74k Following This Ongoing Retest: BTC On-Chain Data Supports Bullish Prediction

The price of Bitcoin has taken a hit, going down by 7% over the past three days to trade around $61,000 as of this writing. However, one analyst believes the current pullback could merely be a pause before Bitcoin’s next major bull run.

X user and crypto analyst @Washigorira, known as “Titan of Crypto,” has spotted what they describe as a “falling wedge” pattern forming on Bitcoin’s chart. A falling wedge pattern is a bullish technical formation that often precedes a reversal and upside breakout.

According to Titan of Crypto’s analysis, the measured move from this potential falling wedge sets an upside target of around $74,000 for Bitcoin’s price. That would represent a gain of over 21% from current levels if achieved.

The analyst tweeted a chart showing Bitcoin’s price action along with the caption: “Bitcoin Back to $74,000 sooner than many expect? A falling wedge that seems to be currently playing out for BTC could catapult it back to $74k.”

Celebrate Dogecoin and Make Big Gains with Doge2014!

Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!

Show more +

Read Also: Meme Coin Mania: Dogwifhat, Pepe, and Dogecoin Surge as Crypto Market Cap Rises 7%

On-chain data seems to align with the bullish outlook as well. Blockchain analytics firm Santiment reported that large Bitcoin whales holding between 1,000 and 10,000 BTC have accumulated around $941 million worth of the crypto asset over the past day.

Santiment tweeted: “As Bitcoin ranges tightly between $61K and $64K, large whales have made some accumulation moves over the past 24 hours. Wallets with 1K-10K BTC have collectively accumulated ~$941M worth of coins, rebounding to their highest holding level in 2 weeks.”

Increasing accumulation by large holders is often viewed as a bullish signal, as whales tend to buy in anticipation of further price gains.

While past performance is not indicative of future results, the combination of potential bullish technicals and on-chain activity suggests that Bitcoin may have more upside left despite the recent bout of selling pressure.

Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.

We recommend eToro

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more
Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

Tags:

Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.

CaptainAltcoin
Logo