A popular market analyst on X, known as Satoshi Flipper, has predicted that Bitcoin could experience a full market rebound following its breakout from a falling wedge pattern. The premier cryptocurrency notably rose to over $88,000 in the past trading week before experiencing a sudden decline on Friday, fueled by macroeconomic pressures.
Bitcoin’s Falling Wedge Breakout Sparks Rally Hopes
In a recent X post, Satoshi Flipper observed that Bitcoin has successfully exited a falling wedge formation on its daily chart, indicating a potential upward price trend.
For context, the falling wedge pattern is characterized by two converging downward-sloping lines, representing a consistent series of lower highs and lower lows. This classical bullish reversal pattern typically signals that when the price breaks out, it serves as a strong buy signal.
Following last week’s price surge, Bitcoin effectively crossed the upper boundary of the falling wedge, indicating the potential for a price rally. Nonetheless, market bulls encountered significant resistance around the $88,000 price point before the announcement of new international tariffs led to a considerable price drop.
Despite this setback, Bitcoin remains positioned near the wedge’s upper boundary, trading between $82,000 and $84,000. This suggests that the recent decline might simply be a retest of support levels. According to Satoshi Flipper, if a price reversal takes place, BTC could soar to as high as $110,000, representing a potential gain of 32.53% from its current market prices.
In terms of resistance, key zones to watch are at $88,000, $98,000, and $105,000. However, if Bitcoin fails to hold its current support levels, a decline to $78,000 could be on the horizon.
BTC Exchange Fees Rise By 77%
In another development, on-chain analytics firm IntoTheBlock reports that the Bitcoin network generated $4.2 million in fees over the past week. This increase marks a significant change from earlier declines and reflects a staggering 76.7% increase from the previous week.
Additionally, IntoTheBlock pointed out a net outflow of $300 million from exchanges, suggesting bullish market sentiment as investors opted to move their holdings into private wallets, likely in anticipation of future price gains. These net flows, combined with rising network fees, indicate a strong demand for Bitcoin in the market.
At press time, Bitcoin is trading at $83,390, having faced a 0.47% decline over the past day and 0.92% over the last week. With a market capitalization of $1.66 trillion, BTC remains the largest cryptocurrency globally.
