According to data from CoinMarketCap, Bitcoin (BTC) has seen little price movement this week, rising just 0.25% in seven days. After Wednesday’s announcement that federal interest rates would remain at their current levels, the leading cryptocurrency showed the expected reaction and kept its price above $27,000.
However, Bitcoin saw a slight price decline of 2% in the last two days. With the most expensive blockchain asset currently hovering around $26,500, crypto analyst Captain Faibik has predicted an impending uptrend that could see BTC close out 2023 with impressive gains.
Analysts say Bitcoin will soon see a 30% gain
On Saturday, Captain Faibik shared a Bitcoin price prediction with his 65,000 followers on X (formerly Twitter). Using data from Tradingview, the analyst explained that Bitcoin is currently experiencing consolidation in a falling wedge that dates back to March 2023.
According to Faibik, the asset is likely to remain in this wedge throughout October and fall as low as $23,000. Testing this price level, Faibik predicts that Bitcoin could experience a price breakout and initiate a strong uptrend.
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$BTC continues its consolidation within the wedge.
I expect Bitcoin to stay within the wedge through October, potentially testing the 23,000 area before an upside breakout occurs.
34,500 are planned for November. ✍️#Crypto #Bitcoin #BTC pic.twitter.com/gjMMZNGrAJ
– Captain Faibik (@CryptoFaibik) September 23, 2023
To explain, a falling wedge pattern is generally interpreted as a bullish signal. This usually indicates that a downtrend is losing momentum and a price reversal could soon occur.
If this pattern holds true in the current Bitcoin market, Captain Faibik predicts that Bitcoin could start rising in November and reach a price of $34,500 in January 2024. Such a price increase would mean a 30% increase in the current Bitcoin price.
As usual, there are no guarantees with this prediction as the crypto market is subject to various factors. Investors are advised to conduct thorough personal research before making investment decisions.
Bitcoin non-whales are reaching new levels of market supply
In other news, Bitcoin non-whales, broadly defined as addresses with less than 100 BTC, have increased their overall holdings in the BTC market.
According to data from Santiment, these wallet addresses have acquired 2.4% of the BTC supply as of October 2022 and now represent an all-time high of 41.1% of the available Bitcoin supply.
On the other hand, BTC whales, defined as addresses with 100-100,000 BTC, have offloaded 0.9% of BTC since the beginning of June and now account for 55.5% of the available BTC supply, which is their lowest level of market dominance since May represents.
At the time of writing, BTC is currently trading at around $26,574, with a decline of 0.07% in the last day. The token’s daily trading volume has also dropped by 29.95% and is valued at $9.17 billion. With a market capitalization of $517.19 billion, Bitcoin retains its place as the largest cryptocurrency in the market.
BTC trading at $26,569 on hourly chart | Source: BTCUSDT chart on Tradingview.com
Featured image from Investing News Network, chart from Tradingview
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