Analyst Suggests BTC Might Be Preparing for a Robust Bullish Rally

Crypto News- Today, a user named PeckShieldAlert brought to light a significant development in the world of Bitcoin (BTC). As per their post, three dormant BTC addresses, inactive for an astonishing six years, suddenly became active, transferring a substantial 6.5K BTC, equivalent to approximately $224.75 million, to new addresses in recent days.

Concurrently, an experienced technical analyst known as CryptoCon shared an enlightening post regarding BTC. They highlighted the occurrence of a rare and crucial breakout indicator in the current cycle. According to CryptoCon, this event not only holds promise for the short term but has historically heralded some of BTC’s most significant price movements.

Analyst Suggests BTC Might Be Preparing for a Robust Bullish Rally

Data from CoinMarketCap revealed that BTC successfully breached the psychological threshold of $35,000 within the last 24 hours. Impressively, the cryptocurrency maintained its position above this crucial level at the time of the report, with a price of $35,264.14, marking a substantial 2.46% increase.

This 24-hour surge shifted the momentum in favor of BTC, bringing its weekly performance into positive territory with a 2.11% increase over the past 7 days. From a technical perspective, BTC was actively striving to break free from a medium-term bearish ascending wedge formation observed on its daily chart in the preceding weeks. If it manages to escape this pattern, BTC could potentially target the $36,900 resistance in the coming days.

Conversely, if the bearish pattern is confirmed, it could lead to a significant correction in BTC’s price. In this scenario, BTC may retrace to find support at $34,000, with the potential for further decline to as low as $31,400 in the short term.