Bitcoin Shows Minimal Price Movement
Bitcoin (BTC) has seen little change in its price this week, with only a 0.25% increase over the past seven days, according to data from CoinMarketCap. Following the announcement that federal interest rates will remain unchanged, Bitcoin has maintained its price above $27,000.
However, in the last two days, Bitcoin has experienced a slight decline of 2%. Despite this, crypto analyst Captain Faibik predicts that a bullish run is on the horizon for Bitcoin, which could result in impressive gains by the end of 2023.
Analyst Forecasts a 30% Gain for Bitcoin
Captain Faibik, a crypto analyst with 65,000 followers on X (formerly Twitter), shared a Bitcoin price forecast based on data from Tradingview. Faibik believes that Bitcoin is currently consolidating within a falling wedge pattern that dates back to March 2023.
The analyst suggests that Bitcoin will likely remain within this wedge throughout October and may even drop as low as $23,000. However, Faibik predicts that after testing this level, Bitcoin could break out and embark on a strong bullish run. The analyst forecasts that Bitcoin could reach $34,500 in November, marking a 30% increase from its current price.
Falling Wedge Pattern Indicates Bullish Signal
A falling wedge pattern typically indicates a bullish signal as it suggests that a bearish trend is losing momentum and a price reversal may occur soon. If this pattern holds true in the current Bitcoin market, Captain Faibik’s prediction of a price increase in November could come to fruition.
It’s important to note that predictions in the crypto market are not guaranteed due to various factors at play. Therefore, investors are advised to conduct their own research before making investment decisions.
Bitcoin Non-Whales Increase Market Supply
Data from Santiment reveals that Bitcoin non-whales, defined as addresses holding under 100 BTC, have acquired 2.4% of BTC’s supply since October 2022. These non-whale addresses now account for a record-high 41.1% of Bitcoin’s available supply.
On the other hand, BTC whales, defined as addresses holding 100-100,000 BTC, have sold off 0.9% of BTC since early June and currently represent 55.5% of Bitcoin’s available supply, their lowest market dominance level since May.
Bitcoin’s Current Status
At the time of writing, Bitcoin is trading at around $26,574 with a slight decline of 0.07% in the past day. The daily trading volume for Bitcoin has decreased by 29.95% and is valued at $9.17 billion. With a market cap of $517.19 billion, Bitcoin remains the largest cryptocurrency in the market.
Hot Take: Bitcoin Poised for Bullish Run
Despite minimal price movement this week, Bitcoin may be on the verge of a bullish run according to crypto analyst Captain Faibik. The falling wedge pattern suggests that a price reversal could occur soon, potentially leading to a significant increase in Bitcoin’s price by November.
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