Most of the last trading week presented another stale price action in the Bitcoin (BTC) market undergoing a sustained consolidation. While the premier cryptocurrency recorded a price breakout on March 20 to reclaim the $87,000 price zone, selling pressure soon forced a return to below $84,700, resuming a sideways movement. Meanwhile, Bitcoin’s price action over the past few months has created a bullish pattern hinting at a substantial price breakout.
In a recent post on X, a digital asset market analyst with the username Mister Crypto provided some bullish insights on the Bitcoin market based on a continuation chart pattern and historical price data. According to Mister Crypto, Bitcoin’s price appears to be forming a falling wedge suggesting a possible price surge could occur upon breakout. The falling wedge is a familiar bullish pattern in technical analysis formed by two converging trend lines due to price action forming lower highs and lower lows. It usually indicates that bearish momentum is weakening and Bitcoin could embark on a sustained uptrend following a breakout from the upper trend line.
Interestingly, Mister Crypto notes that Bitcoin has consistently experienced strong price rallies following previous formations of a falling wedge as indicated in the chart above. Notably, there have been three distinct cases in the past two years during which the premier cryptocurrency has surged for an average of 54 days producing an average gain of 67.5%. Looking at the previous periods and the gradual rise in price gain, Bitcoin could rise by an estimated 77% upon a confirmed breakout from its current falling wedge suggesting a strong bullish market in the majority of Q2 2025.
In other news, renowned market analyst Ali Martinez reports an ongoing surge in Bitcoin exchange outflows despite the current market uncertainty. Using data from CryptoQuant, Martinez notes that investors have transferred 10,000 BTC valued at $842.9 million from crypto exchanges to personal decentralized wallets.
This development is strongly bullish as it indicates growing market confidence in price appreciation as investors are opting to keep their assets rather than sell.
At the time of trading, Bitcoin trades at $84,309 reflecting a price loss of 0.14% in the past 24 hours. Meanwhile, the flagship crypto asset is down by 0.39% on the 7-day chart as consolidation continues. BTC must decisively break above $84,700, avoiding any retrace to confirm any intent of an uptrend. However, other immediate resistance will lie at $86,800 and $90,774.