Bitcoin Price Prediction: All Eyes on This Descending Triangle Chart Pattern – 100% Move Coming?
Main Idea
Bitcoin's price is under pressure due to large sell-offs by Galaxy Digital and dormant whales, but technical indicators suggest potential for a rebound, with predictions of a 100% price increase to $250,000 by end of 2025.
Key Points
1. Bitcoin's critical support zone is between $115,000 and $116,000, where bulls are defending the price.
2. Galaxy Digital has offloaded 30,000 BTC ($3.5B) recently, contributing to market pressure and price decline.
3. Dormant Bitcoin whales have also liquidated billions worth of BTC, triggering widespread liquidations.
4. Technical analysis shows Bitcoin's RSI hit oversold levels at 37.8, suggesting potential for a short-term rebound.
5. Bitcoin Hyper ($HYPER) has raised $4.8M in presale, attracting investor interest as an early-stage crypto with high upside potential.
Description
The Bitcoin price action remains caught in a tug-of-war between bearish and bullish sentiment, with the cryptocurrency now forming a descending triangle pattern that has encountered significant resistance at the trendline. Currently, the Bitcoin critical support zone lies between $115,000 and $116,000, where bulls have mounted a strong defense. This resilient support has sparked optimism that Bitcoin could potentially achieve a 100% gain, effectively doubling from present price levels. Galaxy Di...
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