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Bitcoin’s price correction over the past week has caused mixed emotions among investors, with some indicators pointing to possible further declines. However, according to one analyst, the current phase could represent the last opportunity to buy before the next major rally.
Popular crypto analyst Captain Faibik, posting on social media platform X, believes that Bitcoin is ready for a bullish breakout as it continues to consolidate within a technical pattern that typically precedes upward movement.
Falling Wedge Pattern Hints At Incoming Bullish Breakout
Technical analysis of the Bitcoin daily candlestick timeframe chart shows that the leading cryptocurrency has been consolidating inside a falling wedge for nearly four months. This falling wedge pattern, known in technical analysis for its bullish implications, began in December 2024 and encompassed the period from its all-time high in January until the intense correction in March.
After peaking at around $88,500 early last week, Bitcoin spent the entire week on a gradual pullback, reaching a low of $81,300. Interestingly, Captain Faibik interprets this decline as a healthy consolidation rather than a bearish reversal, saying that the correction phase is now nearing its end. He noted that the wedge pattern suggests a breakout is due at the beginning of April and that this breakout could drive the Bitcoin price towards a new all-time high at the end of the month.
The analyst predicted that the Bitcoin price would trade around $109,000 at the end of the month. If realized, this forecast would not only surpass the current all-time high of $108,786 but also affirm that the correction that played out throughout March was building toward a continuation of the broader bull cycle.
Bitcoin has declined over the last two months, with February ending with a 17.5% decline and March ending with a 2.19% decline from its month-open. As such, Bitcoin closing the month around $109,000 will also mark the end of the prolonged correction trend.
Whale Accumulation Increases But Retail Investors Are Hesitant
The difference in behavior towards Bitcoin between experienced investors and newcomers is becoming more visible. Captain Faibik pointed out that large investors have been actively accumulating Bitcoin over the past few weeks, which typically precedes significant upward price action. This is revealed through an interesting metric from on-chain analytics platform Santiment, which shows that over 30,000 BTC were withdrawn from crypto exchanges last week.
At the same time, many retail investors are on the sidelines, expecting further dips before making entries. The fact that whales are not waiting for lower prices is a strong vote of confidence in Bitcoin’s near-term trajectory. At the time of writing, Bitcoin is trading around $83,500, up by a modest 1.9% gain in the past 24 hours but still sitting 23.3% below its all-time high set in January.
Featured image from Unsplash, chart from Tradingview.com
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