Bitcoin price in the classic “bull pennant” breakthrough, along with BTC whales continue to buy frantically

Bitcoin (Bitcoin) Is likely to rise to $75,000 by the end of this year, as it breaks through the classic bullish pattern and has gained additional upside clues from the recent upsurge of its wealthiest investors.

Bitcoin bull pennant breakthrough is playing

BTC has risen by more than 6% in the past 24 hours. Near the three-week high of $66,500In doing so, the cryptocurrency breaks through the integration range composed of two different trend lines. This setting is reminiscent of a bull flag.

Bull Pennants is a bullish continuation pattern that occurs when the instrument consolidates within a triangle-like price range after a strong move (called a flagpole). It usually ends up breaking out of the upside range, aiming for a profit target with a length equal to the size of the flagpole.

Bitcoin meets almost all conditions when confirming a problem Bull pennant breakthroughTherefore, the possibility of its continued upward boom has risen, and its profit target is as high as Flagpole’s height, exceeding $12,300, as shown in the figure below.

BTC/USD daily price chart, including Bull Pennant settings. Source: TradingView

After increasing the height of the flagpole to the breakout point of around 63,300 USD, the bull market setting moved the BTC price towards 75,000 USD.

Whales enter the BTC holding frenzy

Bitcoin’s bullish setting received Additional confirmation from Santiment’s on-chain indicator, which tracks the distribution/accumulation activity of wallets with balances between 10,000 BTC and 100,000 BTC.

This indicator emphasizes the so-called “Bitcoin Whales” have been accelerating their buying frenzy.

Specifically, these entities have accumulated 43,000 BTC (valued at approximately US$2.82 billion) in the past 5 days and approximately 92,000 BTC (over US$6 billion) in the past 25 days, and the legitimate price has risen to a record high of close to US$67,000. , When revised to below 60,000 U.S. dollars, it rebounded to above 66,000 U.S. dollars.

Bitcoin whale accumulation/distribution chart. Source: Santiment

The whale-led purchases in the $60,000-67,000 area underlined their readiness for the future, that is, they expect the closing price of Bitcoin to surpass its previous historical high.

related: The Bitcoin Whale indicator detects a multi-month cumulative trend, as BTC focuses on the $67,000 retest

In addition, on-chain analyst Willy Woo pointed out that Bitcoin has continued to move from exchanges to cold storage in recent weeks. At the same time, the stable currency USD Coin (USDC) Soared over the same period, highlighting the hierarchical purchasing model.

Net traffic on BTC spot exchanges. Source: Willy Woo

“Before the price was overheated and needed to be integrated, since then we have seen investors buying in large numbers, and at the same time [the] Prices have been trading sideways,” wrote Woo added in his instructions to customers:

“This is a healthy integration. At the same time, a lot of whale activity was found, which indicates that the next price trend of BTC may come soon.”

Bitcoin rose by nearly 50% in the fourth quarter, only 2% below its all-time high of $67,000.

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