Bitcoin recently dipped after hitting a high of $110,000, but it’s still holding strong above $100,000. Despite some investor hesitation, experts are predicting a major price surge.
A Big Bounce is Coming
Technical analyst Trader Tardigrade sees a significant short-term price increase for Bitcoin. Looking at the one-hour chart, he’s identified an “Ascending Broadening Wedge” pattern. This pattern has appeared several times in 2023, and each time it preceded a big price jump. He believes this pattern indicates Bitcoin is poised to climb towards – and potentially surpass – $170,000. He sees the current dip as a healthy correction before another major move.
Another expert, Ali Martinez, agrees. Analyzing the four-hour chart, he’s spotted an “Ascending Triangle” pattern, another bullish indicator. He believes a break above $106,100 would confirm the upward trend.
Whales are Backing Off
Interestingly, while Bitcoin looks set for a rally, large investors (whales) holding over 1,000 BTC are selling off. This suggests they’re less confident about the current upward trend. However, this could actually be good news for smaller investors. Historically, increased buying from smaller investors has often preceded short-term price spikes.