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A popular market analyst with X username Satoshi Flipper has predicted that Bitcoin could experience a full market rebound after breaking out from a falling wedge pattern. The premier cryptocurrency rose to above $88,000 in this past trading week before experiencing a sudden crash on Friday driven by macroeconomic pressures.
Bitcoin’s Falling Wedge Breakout Sparks Rally Hopes
In a recent X post, Satoshi Flipper reports that Bitcoin has broken out of a falling wedge formation on its daily chart, hinting at a potential price uptrend.
For context, the falling wedge, as seen in the chart below, consists of two converging downward-sloping lines due to the consistent formation of lower highs and lower lows. It is a classical bullish reversal pattern with a price breakout being considered a strong buy signal.
Following the price surge in the past week, Bitcoin decisively breached the upper boundary of the falling wedge showing intentions of a price rally. However, market bulls faced strong resistance at the $88,000 price region before the US announcement of new international tariffs induced a significant price loss.
Albeit, Bitcoin continues to trade on the edge of the wedge’s upper boundary between $82,000 – $84,000 suggesting the recent decline might be a simple retest. According to Satoshi Flipper, if a price reversal occurred, BTC could surge as high as $110,000 representing a potential 32.53% gain on current market prices.
Concerning this postulated price rally, the major resistance zones would lie at $88,000, $98,000, and $105,000. However, if BTC loses its current support floor, prices would likely slide to $78,000.
BTC Exchange Fees Rise By 77%
In other news, on-chain analytics firm IntoTheBlock reports the Bitcoin network recorded $4.2 million in network fees over the past week. This development marks a change from the decline seen in recent weeks and represents a staggering 76.7% gain in values from the immediate previous week.
Meanwhile, IntoTheBlock also notes a net outflow of $300 million from the exchange, indicating a bullish market sentiment as investors preferred to move their holdings to private wallets, likely in anticipation of a price gain. These net flows, combined with an increase in network fees, signal a healthy market demand for Bitcoin.
At press time, the premier cryptocurrency continues to trade at $83,390 following a 0.47% decline in the past day and 0.92% in the past seven. With a market cap of $1.66 trillion, BTC remains the largest cryptocurrency in the world.
Featured image from BBC, chart from Tradingview
Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.
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Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.
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