Another Explosion Of Bitcoin? | BTC Price Prediction 2023
Hi friends hope you are well and welcome to the new update on Bitcoin (BTC).
Massive Bitcoins outflow:
Almost a month ago I shared Bitcoin price analysis, in which I was showed that there is a massive outflow of Bitcoins from different exchanges to the different private wallets, and as result of this massive Bitcoins transfer, there can be massive surge in Bitcoin price
https://cryptoquant.com/asset/btc/chart/exchange-flows/exchange-outflow-total
By the way if you missed the aforementioned analysis, then you can watch the below video:
Daily wedge breakout:
While massive outflow of Bitcoins at the same time, the priceline of the leading cryptocurrency also broke out a falling wedge pattern on a daily time frame, and the technical target for this break out was $31000 and the price surged more than 31800.
https://www.tradingview.com/x/ooiNIjoC/
A bullish harmonic move:
Before breaking out the above falling wedge pattern, on a 4-hr time frame chart, the priceline of the king of all cryptocurrencies also formed a harmonic bullish reversal Gartley pattern, and after the formation of this move the price surged more than 25%. By the way I shared this harmonic move as below:
https://www.patreon.com/posts/84398736
After the price surge:
For detailed analysis, you can also watch the below video:
Bitcoin inflows to exchanges:
On 13th of July 2023, more than 68000 Bitcoins inflow was observed from different wallets to the different exchanges, and as a result, the price dropped more than 9% within next 18 days
https://markets.chainalysis.com/#trading-inflows
Huge wedge breakout:
We need to keep in mind that Bitcoin has already broken out a huge falling wedge pattern on a monthly time frame, and after this breakout priceline is forming higher highs and higher lows. The technical target for this break out is approximately $70000
https://www.tradingview.com/x/ohrDjNod/
Conclusion:
Recently we have seen more than 9% drop in Bitcoin price that is a result of BTC inflows to the different exchanges. But still there is a very high probability, that after forming another higher low the priceline of Bitcoin move up to form another higher high very soon.
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https://www.patreon.com/moon333
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