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. The premier cryptocurrency rose to above $88,000 in this past trading week before experiencing a sudden crash on Friday driven by macroeconomic pressures. Related Reading: Bitcoin CME Gap Close About To Happen With Push Toward $83,000 – What Happens Next? Bitcoin’s Falling Wedge Breakout Sparks Rally Hopes In a recent X post, Satoshi Flipper reports that Bitcoin has broken out of a falling wedge formation on its daily chart, hinting at a potential price uptrend. For context, 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, Bitcoin decisively breached the upper boundary of the falling wedge showing intentions of a price rally. 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. Related Reading: XRP Price Chart Flashes Inverse Head And Shoulders Pattern That Could Trigger Rally To $3.9 BTC Exchange Fees Rise By 77% 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 a 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. Featured image from BBC, chart from Tradingview
The cryptocurrency market seems to be caught in a lull, with most large-cap assets struggling to break out of the choppy market condition at the moment. The Solana price, for instance, appears to be stuck in the $120 – $140 range over the past two weeks. Interestingly, a popular analyst on the social media platform X has come up with an exciting bullish projection for the sixth-largest cryptocurrency. Can SOL Price Reclaim $150 In The Short Term? In a March 22 post on X, a crypto analyst with the pseudonym Satoshi Flipper put forward an interesting short-term analysis of the Solana price. According to the online pundit, the altcoin’s price appears to be on the verge of a breakout with sights on a new higher high. Related Reading: Bitcoin Under Threat? Analyst Explores Two Bearish Black Swan Scenarios to Watch This bullish prediction revolves around the appearance of a symmetrical triangle pattern on the 4-hour timeframe of the Solana price chart. The symmetrical triangle is a technical analysis pattern characterized by a diagonal falling upper trendline (connecting a series of lower highs) and a rising lower trendline (connecting the higher lows). The asset price typically moves in a converging pattern toward the apex of the symmetrical triangle. At the apex, the asset’s price will move to break either the upper trendline (a breakout) or the lower boundary (a breakdown). Depending on whether it is a breakout or breakdown, the symmetrical triangle could signal a continuation or reversal of a trend. Symmetrical triangles tend to be continuation patterns, meaning the price tends to resume its initial trend direction before falling into the triangle formation. However, the direction of the breakout is never certain, as the pattern indicates the indecisiveness of the market at a given moment. According to Satoshi Flipper, the prevailing downward trend of the Solana price is about to witness a reversal and a potential run to the upside. The crypto analyst expects the price of SOL to witness a turnaround if it successfully closes above the upper trendline at $132. In a symmetrical triangle pattern, the price target is calculated by adding the length of the widest point of the triangle (or base) to the breakout point. Based on this logic, investors could see the price of Solana hit as high as $152 (representing an almost 20% surge from the current price point). Solana Price At A Glance As of this writing, the price of SOL is hovering around the $130 mark, reflecting an over 2% jump in the past 24 hours. Related Reading: Ethereum Price Nears Major Resistance At $2,200, Why A 13% Crash Could Follow Featured image from Getty, chart from TradingView