Bitcoin price smashed a new ATH at $72,800 as it advanced towards the north within its pre-determined bullish pattern. After achieving this milestone, the bulls appear to have again entered a consolidation phase, as they did each time, rising above previous highs. This move has always resulted in a bullish breakout, forming a new ATH in the short term. Besides, the behaviour of the whales has raised some suspicion, due to which the possibility of a decent pullback may drag the levels below $70,000.
The BTC price has maintained a strong uptrend ever since the price triggered a healthy upswing in mid-January 2024. This also prompted the whales, or the addresses with more than 1000 BTC, to begin to accumulate at a greater speed. Ever since the price broke above the consolidation of around $51,000 in the first few days of March, the token maintained a healthy upswing but at the same time, the whales began to liquidate their holdings.
As per the data from Glassnode shared by an analyst, Ali, the number of addresses holding more than 1000 BTC has witnessed a major drop since the beginning of the month.
This liquidation of the whales was in line with the BTC price smashing a new ATH above $72,800. The addresses dropped from 2.15K to as low as 2.05K, which could have led to a 4.83% plunge in the BTC prices. Therefore, this move by the whales may compel the token to maintain a narrow consolidation, which may even drag the price below $70,000 for a while. Therefore, the token is believed to maintain a descending consolidation for the next few days.
The Bitcoin price may certainly not undergo any major dips or corrections, as all metrics are relatively cool and not overheated. As suggested in the above chart, the price is expected to consolidate within the triangle, which may further resemble a decisive symmetric triangle. After reaching the apex, a breakout may occur, resulting in a bullish breakout towards the higher targets, with $75,000 being the initial one.
Collectively, any minor consolidation may be considered as a good opportunity to accumulate as Bitcoin’s (BTC) price remains heavily influenced by the bulls.