Bitcoin (BTC) Price Prediction: Could Experience a Full Market Rebound After Breaking Out From Falling Wedge

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.

A popular market analyst known for his X username, Satoshi Flipper, has predicted that a full market rebound could occur after Bitcoin broke out from a falling wedge pattern.

The premier cryptocurrency climbed to above $88,000 in this past trading week before experiencing a sudden crash on Friday. This downturn was driven by macroeconomic pressures, notably new international tariffs announced by the US, which led to a sell-off across financial markets.

Bitcoin’s Falling Wedge Breakout Sparks Rally Hopes 

In a recent X post, Satoshi Flipper stated that Bitcoin broke out of a falling wedge formation on its daily chart, suggesting potential price rallies ahead.

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, the cryptocurrency decisively breached the upper boundary of the falling wedge, indicating possibilities of a price uptrend. 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.

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 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.