Throughout the last trading week, Bitcoin (BTC) experienced another period of tepid price action characterized by ongoing consolidation. Although the leading cryptocurrency managed to break out on March 20, reclaiming the $87,000 price level, selling pressure quickly pushed it back below $84,700, leading to a continuation of sideways movement. Despite this, Bitcoin’s price behavior over recent months has formed a bullish pattern that points toward a significant price breakout on the horizon.
Bitcoin’s Falling Wedge Indicates Potential Major Rally – Where Will BTC Soar To?
In a recent post on X, a market analyst known as Mister Crypto shared some optimistic views regarding the Bitcoin market, based on a continuation chart pattern and historical price trends. Mister Crypto pointed out that Bitcoin seems to be forming a falling wedge, which could indicate a price surge upon breakout. This falling wedge is a well-known bullish pattern within technical analysis, characterized by two converging trend lines shaped by price action creating lower highs and lower lows. Typically, it signals that bearish momentum is diminishing and Bitcoin could initiate a sustained uptrend after breaking above the upper trend line.
Interestingly, Mister Crypto observed that Bitcoin has historically undergone significant price rallies following the formation of a falling wedge, as illustrated in the chart above. Specifically, there have been three notable instances in the past two years where the leading cryptocurrency surged for an average of 54 days, achieving an average gain of 67.5%. Based on these prior occurrences and the gradual increase in price gains, Bitcoin could potentially rise by an estimated 77% following a confirmed breakout from its current falling wedge, suggesting a bullish market trajectory for most of Q2 2025.
Investors Transfer 10,000 BTC Amidst Rising Market Confidence
In related news, notable market analyst Ali Martinez has reported a notable increase in Bitcoin exchange outflows, even amidst prevailing market uncertainties. Utilizing data from CryptoQuant, Martinez highlighted that investors have moved 10,000 BTC, valued at approximately $842.9 million, from crypto exchanges into personal decentralized wallets.
This trend is largely seen as bullish, demonstrating increased market confidence in the potential for price appreciation, as investors are choosing to hold onto their assets instead of selling.
At the time of writing, Bitcoin is trading at $84,309, reflecting a slight decline of 0.14% over the past 24 hours. Additionally, the flagship cryptocurrency has seen a decrease of 0.39% over the past week as it continues to consolidate. BTC needs to decisively surpass $84,700 without any retracement to confirm intentions of an upward trend. However, immediate resistance levels are positioned at $86,800 and $90,774.
