Analyst Satoshi Flipper on X predicts a Bitcoin price surge after breaking a falling wedge pattern. Let’s dive into the details.
The Falling Wedge Breakout
Bitcoin recently broke out of a falling wedge pattern – a bullish signal. This pattern shows lower highs and lower lows converging into a wedge shape. Breaking above the wedge’s upper line is often seen as a sign of a price increase.
Bitcoin briefly hit over $88,000 before a dip caused by macroeconomic factors (like new tariffs). However, it’s currently trading around $82,000-$84,000, near the wedge’s upper boundary. This suggests the recent drop might just be a temporary pullback.
Flipper predicts a potential rally to $110,000 – a roughly 32% increase from current prices. Key resistance levels to watch are $88,000, $98,000, and $105,000. If support fails, prices could fall to $78,000.
Bitcoin Network Activity Shows Strength
Bitcoin network fees surged 77% last week, reaching $4.2 million. This is a significant increase after recent declines. Simultaneously, there was a net outflow of $300 million from exchanges – meaning investors are moving their Bitcoin to private wallets, a generally bullish sign. This combination of increased fees and exchange outflows points to strong market demand.
Current Bitcoin Price and Market Cap
At the time of writing, Bitcoin is trading around $83,390, down slightly in the last day and week. It remains the largest cryptocurrency with a market cap of $1.66 trillion.
