Key Insights:
- Whales signal a bullish breakout, targeting $109K by late April.
- Peter Brandt warns of a breakdown to $65,635.
- BTC stuck in range amid $116M in long liquidations.
Bitcoin (BTC) hovered just above $85,000 on March 29 after dipping to $84,200. The move wiped $116 million in long positions, reigniting debate over whether bulls or bears will take control next.
Whales, wedge formations, and macro politics have all entered the mix. Traders now face two diverging paths for BTC: one pointing to a breakout toward $ 109,000 and a breakdown to $65,635.
$109K on the Radar of Bitcoin as Bullish Wedge Gains Traction
Captain Faibik forecasted a bullish wedge breakout on the BTC/USDT chart. He predicted that Bitcoin could hit a new all-time high of $109,000 by late April.
“Late shorts will get REKT soon,” he posted on X, pointing to a falling wedge pattern. The formation has historically triggered upside breakouts, with early April highlighted as a key window.
His chart shows a narrowing price channel, with a breakout line around current levels. The target projection represented a nearly 30% climb for BTC from today’s spot price.
Whale Activity Signals Cycle Continuation
Cole Garner added weight to the bullish argument, sharing a historical signal based on Bitfinex margin data. According to Garner, the rate of change in Bitcoin spot margin longs versus shorts has surged. It is a pattern last seen ahead of major rallies.
Garner suggested that Finex whale behavior tends to lead, not follow. “Near perfect hit rate,” he wrote, calling it a “massive bull signal.”
Bitcoin Bearish Breakdown Sees $65K Target Emerge
Peter Brandt posted a stark technical warning based on chart patterns. He identified a completed bear wedge pattern in BTC after a double top near $92,000. The pattern indicates a potential downside target of $65,635.
His analysis placed the breakdown trigger below $85,285—now confirmed—arguing that the bearish pattern has been activated. If accurate, this puts Bitcoin at risk of a 23% correction in the coming weeks.
Rangebound Structure Keeps Traders Defensive
Analyst CrediBULL Crypto urged caution amid the conflicting narratives. He noted that Bitcoin remains trapped within a defined range and called the recent dip “just more chop.”
He explained that if both local and mid-range demand levels fail to hold, high timeframe (HTF) demand would come into play. This key Bitcoin demand zone was identified several months ago. For now, he recommends patience.
Federal Wallet Moves Fuel Market Suspicion
Adding to market pressure, wallets linked to the U.S. government transferred 97 BTC and 884 ETH on Thursday. The movement sparked speculation about a potential sell-off.
However, reports suggest the action ties back to President Trump’s March 6 executive order. This mandated the disclosure of crypto holdings across federal agencies. The $10.3 Million transfers may reflect asset consolidation rather than an immediate liquidation.
Under the order’s provisions, agencies must report all holdings to the Treasury within 30 days. The deadline falls in early April, aligning with other key market timelines.
Historical Rhymes Hint at Post-Election Upside
Meanwhile, Coinvo drew attention to parallels between today’s Bitcoin chart and the 2016 pre-election cycle. “History doesn’t always repeat, but it does rhyme,” the post read, pointing to continued upside potential in the current structure.
This view interprets recent market volatility as preparation for potential shifts, not a signal to sell. Major election catalysts approaching could amplify these dynamics further.
BTC price now stands at a technical and psychological crossroads. With whales deploying long-side pressure, wedge patterns maturing, and institutional wallets consolidating, bulls have plenty to point to.
Peter Brandt has warned about a $65,000 target, highlighting ongoing risks. With Bitcoin stuck in a volatile range, bearish sentiments remain dominant. April could be decisive for a $109K breakout or a return to lower support zones.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
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