Although many assets in the cryptocurrency sphere are starting to slow down their bullish gains, including Bitcoin (BTC), the flagship decentralized finance (DeFi) asset is flashing some massively optimistic signs that suggest the possibility of an explosive comeback.
As it happens, the maiden crypto asset is showing a bullish pennant on its four-hour chart, following a surge that marked its first flagpole, and suggesting the second flagpole “could spike real fast” in a bullish moment, according to the observations by crypto analyst Trader Tardigrade on March 12.
Bitcoin H4 bullish pennant. Source: Trader Tardigrade
Indeed, the expert has identified a continuation chart pattern represented by two trendlines that will eventually meet and which formed after Bitcoin experienced a strong upward movement followed by consolidation before the trend continues in the same, upward direction.
Bitcoin chart pattern analysis. Source: CryptoJelleNL
That said, it is also important to note that crypto trading expert Ali Martinez posted a sell-off alert for Bitcoin, stressing that the whales have started taking profits from their positions by “increasingly cashing out” as the number of crypto wallets holding at least 1,000 BTC dropped 4.83% in the last two weeks.
Addresses holding at least 1,000 BTC. Source: Ali Martinez
Bitcoin price analysis
Meanwhile, Bitcoin is trading at $71,810, which indicates a decline of 0.87% on its daily chart, whereas across the previous week, it has gained 4.45%, adding up to the monthly advance of 48.88%, according to the most recent information retrieved by Finbold on March 12.
Bitcoin 7-day price chart. Source: Finbold
All things considered, Bitcoin could be in for even stronger gains in the following weeks and months, particularly as its halving event approaches and after it happens. However, considering the rate at which whales are selling, one should take any prognoses with a grain of salt.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
