BTC Could Be Getting Ready for a Strong Bull Move, Says Analyst

The X user PeckShieldAlert revealed in a post earlier today that 3 dormant Bitcoin (BTC) addresses transferred a substantial amount of BTC to new addresses. In the post, the X user revealed that these addresses have been inactive for the past 6 years, and transferred 6.5K BTC, worth approximately $224.75 million, to new addresses over the past few days.

#PeckShieldAlert 3 dormant $BTC addresses (which have been inactive for 6 years) have transferred a total of ~6.5K $BTC (~$224.75M) to new addresses

-1ByTg4U…7WX9a (2K $BTC, worth ~$69.4M)
-16XwK6…GkBM2 (2.55K $BTC, worth ~$88.03M)
-1LVY5FG…EAepC (1.95K $BTC, worth… pic.twitter.com/Oe5cWcQe5E

— PeckShieldAlert (@PeckShieldAlert) November 2, 2023

Meanwhile, the technical analyst CryptoCon also published a post regarding BTC, and shared that the most important breakout indicator for BTC occurred for a rare second time in this current cycle. According to the analyst, this is not only a positive short-term sign for BTC, but has historically been a precursor for BTC’s largest price movements.

The most important #Bitcoin indicator breakout for the cycle has just occurred for a rare 2nd time this cycle.

Not only does this typically spell good things to come in the shorter term, but it also marks the beginnings of all of the largest historical moves:

– The bull run in… pic.twitter.com/WWlKPEy4u7

— CryptoCon (@CryptoCon_) November 1, 2023

CoinMarketCap data indicated that BTC was able to break above the psychological $35K mark over the past 24 hours. Furthermore, the cryptocurrency king continued to trade above this significant price point at press time, as BTC’s price stood at $35,264.14 following a 2.46% gain.

Notably, this 24-hour gain was enough to flip BTC’s weekly performance back into the green. As a result, the cryptocurrency’s price was up 2.11% over the past 7 days as well.

Daily chart for BTC/USDT (Source: TradingView)

From a technical standpoint, BTC was attempting to escape a medium-term bearish ascending wedge that had formed on its daily chart over the past couple of weeks. If it is able to break above this pattern, then it may look to challenge the $36,900 barrier in the following few days.

On the other hand, the bearish pattern getting validated could lead to a steep correction in BTC’s price. In this bearish scenario, BTC may pullback to the immediate support level at $34,000. Thereafter, continued sell pressure may lead to BTC’s price dropping to as low as $31,400 in the short term.

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