Crypto analytics firm Swissblock is saying that the bearish trend for Bitcoin (BTC) could be over.
Swissblock says Bitcoin’s bearish structure is “crumbling” as the crypto king breaks out of a bearish compression pattern into a bullish quadrant – a price zone that signals likely upward price momentum.
“Historically, this signals more upside, even a brief dip won’t stop it.”
Source: Swissblock/X
Swissblock says the price of Bitcoin held relatively steady earlier this week as equities were declining in value. According to the analytics firm, a low-risk regime favorable to risk assets is approaching, and that will provide a “perfect setup” for the crypto king. Swissblock, however, says that before going up, Bitcoin could fall by around 5% from the current level to about $80,000.
Source: Swissblock/X
The analytics firm further says that long-term holders of Bitcoin are holding firm and are not selling out of “fear.” Citing data from Swissblock Technologies, the analytics firm says that the worst sell-off by long-term holders has ended and was not as severe as what occurred in July and August of 2024.
Source: Swissblock/X
With regard to Bitcoin whales, Swissblock says that the holdings of the large holders of BTC have reached a one-year high after resuming the accumulation process this month.
“Whales are back, nearing all-time high BTC holdings since the halving. Strong hands are accumulating faster, holding price but, of course, waiting for the best bid.”
Source: Swissblock/X
The fourth Bitcoin halving occurred on April 19th of 2024. Bitcoin is trading at $84,490 at time of writing.
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