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Bitcoin bulls erupt as chart teases explosive surge

Market Musing-g

Bitcoin bulls erupt as chart teases explosive surge

2024

BTC

By TheBitTimes

1 year ago

•

5 mins read

Bitcoin bulls erupt as chart teases explosive surge

bulls-vs-bears">Bitcoin bulls vs. bears
Bitcoin price analysis

Although many assets in the cryptocurrency sphere are starting to slow down their bullish gains, including Bitcoin (BTC), the flagship decentralized finance (DeFi) asset is flashing some massively optimistic signs that suggest the possibility of an explosive comeback.

As it happens, the maiden crypto asset is showing a bullish pennant on its four-hour chart, following a surge that marked its first flagpole, and suggesting the second flagpole “could spike real fast” in a bullish moment, according to the observations by crypto analyst Trader Tardigrade on March 12.

Bitcoin H4 bullish pennant. Source: Trader Tardigrade

Indeed, the expert has identified a continuation chart pattern represented by two trendlines that will eventually meet and which formed after Bitcoin experienced a strong upward movement followed by consolidation before the trend continues in the same, upward direction.

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bulls-vs-bears">Bitcoin bulls vs. bears

At the same time, another crypto market specialist, known as CryptoJelleNL on social media platform X, has also highlighted two bullish megaphones as having played out already, with the possibility of another one targeting $180,000 by the year’s end, as per the Analysis on March 12.

Bitcoin chart pattern analysis. Source: CryptoJelleNL

That said, it is also important to note that crypto trading expert Ali Martinez posted a sell-off alert for Bitcoin, stressing that the whales have started taking profits from their positions by “increasingly cashing out” as the number of crypto wallets holding at least 1,000 BTC dropped 4.83% in the last two weeks.

Addresses holding at least 1,000 BTC. Source: Ali Martinez

Bitcoin price analysis

Meanwhile, Bitcoin is trading at $71,810, which indicates a decline of 0.87% on its daily chart, whereas across the previous week, it has gained 4.45%, adding up to the monthly advance of 48.88%, according to the most recent information retrieved by Finbold on March 12.

Bitcoin 7-day price chart. Source: Finbold

All things considered, Bitcoin could be in for even stronger gains in the following weeks and months, particularly as its halving event approaches and after it happens. However, considering the rate at which whales are selling, one should take any prognoses with a grain of salt.