Bitcoin Breaks Falling Wedge – Is $110,000 The Next Stop?
A popular market analyst with X username Satoshi Flipper has predicted that Bitcoin could experience a full market rebound after breaking out from a falling wedge pattern. The premier cryptocurrency rose to above $88,000 in this past trading week before experiencing a sudden crash on Friday driven by macroeconomic pressures. Bitcoin’s Falling Wedge Breakout Sparks Rally Hopes In a recent X post, Satoshi Flipper reports that Bitcoin has broken out of a falling wedge formation on its daily chart, hinting at a potential price uptrend. For context, the falling wedge, as seen in the chart below, consists of two converging downward-sloping lines due to the consistent formation of lower highs and lower lows. It is a classical bullish reversal pattern with a price breakout being considered a strong buy signal. Following the price surge in the past week, Bitcoin decisively breached the upper boundary of the falling wedge showing intentions of a price rally. However, market bulls faced strong resistance at the $88,000 price region before the US announcement of new international tariffs induced a significant price loss. Albeit, Bitcoin continues to trade on the edge of the wedge’s upper boundary between $82,000 – $84,000 suggesting the recent decline might be a simple retest. According to Satoshi Flipper, if a price reversal occurred, BTC could surge as high as $110,000 representing a potential 32.53% gain on current market prices. Concerning this postulated price rally, the major resistance zones would lie at $88,000, $98,000, and $105,000. However, if BTC loses its current support floor, prices would likely slide to $78,000. BTC Exchange Fees Rise By 77% In other news, on-chain analytics firm IntoTheBlock reports the Bitcoin network recorded $4.2 million in network fees over the past week. This development marks a change from the decline seen in recent weeks and represents a staggering 76.7% gain in values from the immediate previous week. Meanwhile, IntoTheBlock also notes a net outflow of $300 million from the exchange, indicating a bullish market sentiment as investors preferred to move their holdings to private wallets, likely in anticipation of a price gain. These net flows, combined with an increase in network fees, signal a healthy market demand for Bitcoin. At press time, the premier cryptocurrency continues to trade at $83,390 following a 0.47% decline in the past day and 0.92% in the past seven. With a market cap of $1.66 trillion, BTC remains the largest cryptocurrency in the world.
Solana Price On The Verge Of A ‘Big Breakout’ — Here’s The Target
Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies. Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part – in fact, far from it. Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger. When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix. Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books – ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that. Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings. Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time – he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better. Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon – cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment – spreading the crypto gospel to the rest of the world.
Chainlink Price Could Run To $31 In The Next Leg Up — Here’s Why
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing Strict editorial policy that focuses on accuracy, relevance, and impartiality Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Este artículo también está disponible en español. The final months of a market cycle are usually characterized by exhilarating runs by various assets in the altcoin market — a period famously dubbed the “altcoin season.” Unfortunately, while the market cycle seems to have peaked, the story has been the opposite for this category of cryptocurrencies. Specifically, the Chainlink price has declined by more than 50% in the last three months, underscoring the dwindling climate of the crypto market. However, the future might not be all bleak, as the latest price outlook suggests a promising future for the LINK token. Is Chainlink Price Gearing For A 100% Move? In a recent post on the X platform, a crypto analyst with the pseudonym Satoshi Flipper shared an exciting analysis of the Chainlink price. Referencing the current layout of its daily price chart, the crypto pundit projected LINK to go as high as $31 over the next few weeks. Related Reading This bullish analysis is based on the appearance of the falling wedge pattern on the Chainlink price chart. The falling wedge pattern is a technical analysis formation characterized by two descending and converging trendlines; an upper line connecting the lower highs and the lower line connecting the lower lows. Wedge formations — which could be rising or falling — are considered continuation or reversal patterns, depending on whether the price breaks down or breaks out. In the falling wedge, if the price breaks above the upper boundary as it narrows into the descending lines, a trend reversal is identified. This scenario appears to be playing out on the daily Chainlink price chart, as the altcoin continues to persist in the current downtrend. However, a break above the upper trendline would indicate a shift to an upward trend. Source: @SatoshiFlipper/X As shown in the chart above, the price of LINK seems to be testing the upper boundary line already. Satoshi Flipper expects the altcoin to surge to as high as $31 if a successful close occurs outside the falling wedge. As of this writing, the value of LINK is hovering around the $14 mark, reflecting an over 2% leap in the past 24 hours. A Chainlink price move to $31 would represent a more than 100% surge from the current point. 640,000 LINK Tokens Flow Out Of Centralized Exchanges According to crypto pundit Ali Martinez, most LINK investors have been moving their tokens off centralized exchanges. Recent data from Santiment shows that more than 640,000 LINK have made their way off crypto exchanges in the past 24 hours. This magnitude of exchange outflow supports the current bullish prognosis for Chainlink price, as it implies that the token supply on exchanges (which offer trading services) contracts. With fewer tokens available for sale in the open market, the altcoin’s price would face less selling pressure. Source: @WuBlockchain/X However, it is worth mentioning that this significant exchange outflow could be connected to Chainlink’s quarterly token unlock, which saw the release of 19 million LINK tokens on Friday, March 15. Related Reading The price of LINK on the daily timeframe | Source: LINKUSDT chart on TradingView Featured image from iStock, chart from TradingView