Crypto analytics firm Swissblock is saying that the bearish trend for Bitcoin (BTC) could be over.
Swissblock says Bitcoin’s bearish structure is “crumbling” as the crypto king breaks out of a bearish compression pattern into a bullish quadrant – a price zone that signals likely upward price momentum.
“Historically, this signals more upside, even a brief dip won’t stop it.”
Swissblock says the price of Bitcoin held relatively steady earlier this week as equities were declining in value. According to the analytics firm, a low-risk regime favorable to risk assets is approaching, and that will provide a “perfect setup” for the crypto king. Swissblock, however, says that before going up, Bitcoin could fall by around 5% from the current level to about $80,000.
The analytics firm further says that long-term holders of Bitcoin are holding firm and are not selling out of “fear.” Citing data from Swissblock Technologies, the analytics firm says that the worst sell-off by long-term holders has ended and was not as severe as what occurred in July and August of 2024.
With regard to Bitcoin whales, Swissblock says that the holdings of the large holders of BTC have reached a one-year high after resuming the accumulation process this month.
“Whales are back, nearing all-time high BTC holdings since the halving.
Strong hands are accumulating faster, holding price but, of course, waiting for the best bid.”
The fourth Bitcoin halving occurred on April 19th of 2024. Bitcoin is trading at $84,490 at time of writing.
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