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<p>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.</p>
<p>X user and crypto analyst <a href="https://twitter.com/Washigorira/status/1788224703544299578?t=p_iCbBt9xn3an2Zo5Mr3Vg&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">@Washigorira, known as “Titan of Crypto,”</a> has spotted what they describe as a <em>“falling wedge” </em>pattern forming on Bitcoin’s chart. A falling wedge pattern is a bullish technical formation that often precedes a reversal and upside breakout.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="614" src="https://captainaltcoin.com/wp-content/uploads/2024/05/image-273-1024x614.png" alt="" class="wp-image-488993" srcset="https://captainaltcoin.com/wp-content/uploads/2024/05/image-273-1024x614.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-273-300x180.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-273-768x460.png 768w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-273-1536x920.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-273-2048x1227.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-273-250x150.png 250w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-273-100x60.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-273-584x350.png 584w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-273-788x472.png 788w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>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.</p>
<p>The analyst tweeted a chart showing Bitcoin’s price action along with the caption:<em> “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.”</em></p>
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<p><strong><em>Read Also: <a href="https://captainaltcoin.com/meme-coin-mania-dogwifhat-pepe-and-dogecoin-surge-as-crypto-market-cap-rises-7/" target="_blank" rel="noopener noreferrer nofollow">Meme Coin Mania: Dogwifhat, Pepe, and Dogecoin Surge as Crypto Market Cap Rises 7%</a></em></strong></p>
<p>On-chain data seems to align with the bullish outlook as well.<a href="https://twitter.com/santimentfeed/status/1788242018952749331?t=LRY75-6Zw9EtFgZ0dIghBg&amp;s=19" target="_blank" rel="noopener noreferrer nofollow"> Blockchain analytics firm Santiment </a>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.</p>
<p>Santiment tweeted: <em>“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.”</em></p>
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<p>Increasing accumulation by large holders is often viewed as a bullish signal, as whales tend to buy in anticipation of further price gains.</p>
<p>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.</p>
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<p>The post <a href="https://captainaltcoin.com/analyst-sees-bitcoin-spike-to-74k-following-this-ongoing-retest-btc-on-chain-data-supports-bullish-prediction/" rel="noopener noreferrer nofollow">Analyst Sees Bitcoin Spike to $74k Following This Ongoing Retest: BTC On-Chain Data Supports Bullish Prediction</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

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

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