Last week’s trading was rather boring, with dull Bitcoin (BTC) prices that remained mostly flat and ranged within consolidation. On March 20, the leading crypto peaked at $87,000 but declined to $84,700 and has been hovering around that level since. Nevertheless, recent months can be seen as a bullish pattern that might lead to a major price increase. In an X post, analyst Mister Crypto offered positive outlook on the Bitcoin market, referring to the continuation pattern and previous statistics. He thinks that there is a falling wedge that, if broken, could result in a rise.
This type of bullish pattern consists of two lines that meet at the top and bottom respectively, and which represent lower highs and lows, which indicate the weakening of the bearish pressure and the possibility of an uptrend after the breakout. Mister Crypto also highlights the big upmoves of Bitcoin following the previous falling wedges over the past two years with an average duration of 54 days and gain of 67.5%. Therefore, with increasing returns, the breakout could occur and lead to Bitcoin gaining 77%, being positive for Q2 2025. Analyst Ali Martinez points out that there is an increase in the Bitcoin exchange outflows when the market is uncertain. The CryptoQuant data shows that 10,000 BTC, worth $842.9 million, have been moved to personal wallets. This is a positive sign of confidence in the price increase as investors tend to hold onto their assets rather than sell them. At the time of writing, Bitcoin is changing hands at $84,309, with a daily price change of -0.14%. In the past seven days, it has also decreased by -0.39% as it continues to range within a consolidation area. It indicates a potential uptrend if BTC manages to stay above $84,700 without a subsequent decline and faces resistance at $86,800 and $90,774.
