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- Analyst notices a Bitcoin falling wedge pattern on the BTC price chart.
- Another analyst sees this as part of a greater Bitcoin triple bottom formation.
- The price of BTC is preparing for a major recovery and pump ahead.
The price of Bitcoin continues to hold in the lower $80,000 price range despite trying to break above the $87,000 price range. Presently, the price of BTC is back at the $83,000 price range driving analysts to take a closer look at the BTC price chart. One analyst notices a Bitcoin falling wedge pattern drawing attention to an even greater bullish triple bottom formation on the BTC chart.
Bitcoin Falling Wedge Pattern Brews Hope
The US stock market took another big hit thanks to Trump announcing tariffs on many more countries. This led to FUD sentiment growing as many expect a tariff war to ensue between global nations and the USA. The rising uncertainty in the financial markets is leading to high liquidations in the stock and crypto markets. So far, the stock market has taken a much greater hit while the crypto market seems to be holding strong.
Despite the heavy liquidation, crypto whales seem to be taking the FUD sentiments as an opportunity to accumulate. As always, BTC and ETH whale activity is growing stronger and whales are accumulating vast amounts of ETH while the BTC crypto exchange supply seems to be dwindling on the daily with both whales and institutions buying more and more Bitcoin (BTC). Many analyst expect a huge BTC supply shock on the horizon which could lead to new ATHs as well.
Similarly, altcoins are also expected to be explored. However, many analysts believe BTC will make one more epic rally and new new ATHs before BTC Dominance falls and altcoins will set their string of new ATHs soon after. As we can see from the post above, the price of Bitcoin is expected to head into a recovery phase soon.
To elaborate, the analyst in the post above explains that BTC is forming a Bitcoin falling wedge pattern. With the completion of this pattern, the analyst says that over the next couple of months, CPU and Core PCE will likely improve as Trueflation data shows inflation cooling off significantly. If this plays out, the stage may be set perfectly for Bitcoin to transition into a recovery and then a pump rally. Thus, the analyst concludes sharing his expectations for BTC to bounce back in May.
Analyst Spots Greater Triple Bottom Formation for BTC
Meanwhile, another reputed analyst shares another interesting observation on the BTC price chart. As we can see from the post above, the analyst highlights a holy triple bottom formation on the BTC price chart. He goes on to highlight these indicators in the image on the post and expects a promising rally soon for the price of BTC.
