Bitcoin Price Prediction: Bitcoin, the largest cryptocurrency market cap traded sideways this week, resonating between the horizontal level of $71600 and $68400. This consolidation with a short body candle reflects no clear initiation from buyers or sellers towards this asset. However, an analysis of the 4-hour time frame chart revealed this price fluctuation as the formation of a bullish pennant pattern, indicating a post-rally correction preparing for the next leap.

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Is BTC Price Heading to $75000?

The Bitcoin price rebounded from its last correction in March’s fourth week as buyers witnessed notable support at the 38.2% Fibonacci retracement level. A bullish reversal propelled the coin price 17.7% to challenge resistance at $71500.

However, the price shifted sideways below this resistance creating a narrow range formation in 4 hours. This lateral movement also hints at a pre-halving consolidation, as the BTC price stabilizes in anticipation of future events that could lead to heightened volatility.

Moreover, the technical chart shows this range formation as the development of a bullish pennant pattern. This structure allows buyers to regain strength before resuming a recovery trend.

Also Read: 5 Under $1 Top Meme Coins To Buy To Turn $10 Into $1000 Pre-Halving

Bitcoin Accumulation Trend Flashes Strong Signals Amid Consolidation

In the latest analysis from the respected trader @alicharts, the Bitcoin Accumulation Trend Score indicates a robust pattern of accumulation, even as the cryptocurrency consolidates near its all-time highs. 

This trend score is graphically represented through color changes, showcasing a transition from cooler to warmer tones, culminating in purple hues that signify a stronger accumulation phase.

#Bitcoin still shows a strong accumulation score while consolidating around all-time highs! pic.twitter.com/3b6Unp3trK

— Ali (@ali_charts) March 31, 2024

The Bitcoin price currently trades at $70576 with an intraday gain of 1%. With a higher potential of renewed recovery, the BTC price is likely to breach the pattern’s upper trendline, the post-breakout rally is likely to hit $73800, followed by $81700.

Technical Indicator 

• Exponential Moving Average: the rising 20 and 50 EMA reflect a short-term trend aligned with the long-term uptrend.
• Moving Average Convergence Divergence: A MACD and signal nearing a bullish crossover would accelerate the recovery sentiment among market participants.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.