- Bitcoin’s price has not been as volatile lately, which has dampened investor motivation. According to the latest data, Bitcoin has been trading within a descending broadening wedge for the past 900 days.
- Mags pointed out a pattern on BTC’s chart that resembles a bull signal. According to the share, BTC’s price entered a falling wedge pattern on September 29, signaling a bullish trend.
- CryptoQuant’s data also showed a decrease in BTC’s exchange reserves, indicating that it was not under selling pressure. Bitcoin’s Coinbase Premium and funding rates were also in the green.
While low volatility in Bitcoin may be discouraging for investors, according to these predictions, a Bitcoin rally may not be far off!
Bitcoin Price Stuck in a Falling Wedge
Bitcoin’s price has not been as volatile lately, which has dampened investor motivation. According to the latest data, Bitcoin has been trading within a descending broadening wedge for the past 900 days. Therefore, it seemed likely that the king of cryptocurrencies would break free from its leash and start rising in the fourth quarter of 2023.
Cryptocon, a popular X (formerly Twitter) account that provides updates on the crypto market, recently pointed out that the Awesome Oscillator metric had crossed below the cycle bottom zone.
According to the share, BTC’s price was at a market bottom level on October 1st, indicating that the cryptocurrency’s price would rise in the coming days.
The share also suggested that this could be the last opportunity for investors to accumulate BTC before it reaches new highs:
“Bitcoin is offering you one last accumulation opportunity, but most will squander it, predict a recession, and fret about macro.”
Additionally, Mags, a popular crypto analyst, pointed out a pattern on BTC’s chart that resembles a bull signal. According to the share, BTC’s price entered a falling wedge pattern on September 29, signaling a bullish trend.
According to this pattern, the technical target should be between $70,000 and $80,000. While no one can truly predict what the future holds, taking a look at the cryptocurrency’s on-chain performance provided a better understanding of where BTC might be heading in the short term.
What to Expect from Bitcoin
The charts mentioned above looked positive for BTC, as the cryptocurrency managed to push itself above $27,000. At the time of writing, BTC was trading at $27,140, with a market capitalization of over $528 billion.
CryptoQuant’s data also indicated a decrease in BTC’s exchange reserves, suggesting that it was not under selling pressure. Bitcoin’s Coinbase Premium and funding rates were also in the green, indicating a prevailing sentiment of buying in the market.
However, some metrics for the cryptocurrency appeared concerning. For instance, according to Coinglass, BTC’s Open Interest has been increasing over the past few days while the price has been falling. In general, a decrease in Open Interest signifies that an ongoing price trend may be coming to an end – this is not a bullish signal.
