The Bitcoin price action remains caught in a tug-of-war between bearish and bullish sentiment, with the cryptocurrency now forming a descending triangle pattern that has encountered significant resistance at the trendline.
Currently, the Bitcoin critical support zone lies between $115,000 and $116,000, where bulls have mounted a strong defense.
This resilient support has sparked optimism that Bitcoin could potentially achieve a 100% gain, effectively doubling from present price levels.
Galaxy Digital and Old Whales are Responsible for the Bitcoin Price Decline
The recent market downturn has been primarily attributed to Galaxy Digital’s persistent selling pressure of BTC.
In today’s session alone, the firm has offloaded 12.85K BTC valued at approximately $1.5 billion across various exchanges.
Additionally, dormant Bitcoin whales have emerged from extended periods of inactivity to liquidate billions of dollars worth of BTC in recent trading sessions.
These combined selling pressures have triggered widespread liquidations, pushing BTC beneath the $116K threshold as the market attempts to find equilibrium.
Bitcoin analyst Ki Young Ju has noted a significant shift from the 2021 market cycle, observing that while whales previously sold their holdings to retail investors, the current cycle sees older whales transferring their positions to newer long-term institutional holders.
Nevertheless, institutional investors and long-term holders continue to capitalize on price dips.
Prominent crypto entrepreneur Arthur Hayes maintains a bullish outlook, projecting that Bitcoin could achieve a 100% appreciation from current levels to reach approximately $250,000 by the end of 2025.
Bitcoin Price Prediction: RSI Hits 37.8 Oversold Levels
From a technical perspective, the 4-hour BTC/USDT chart reveals that Bitcoin is navigating a period of heightened volatility, currently positioned around $116,041, following a recovery from the lower boundaries of a significant CME gap zone.
Significantly, Bitcoin is trading beneath the descending support trendline, which has reversed its role to become resistance, reinforcing the current bearish framework.
Above the present price action sits a fair value gap (FVG) spanning $119,000–$121,000, which could serve as a potential target should bullish momentum return.
Examining the RSI indicator, it recently touched oversold conditions near 37.8 before showing modest signs of recovery.
The RSI’s current behavior suggests short-term bearish momentum may be waning, potentially supporting a corrective bounce.
Bitcoin Hyper Raises $4.8M in Explosive Presale
With Bitcoin trading above $115,000, many investors are turning to early-stage cryptos with bigger upside potential.
One of the most talked-about projects right now is Bitcoin Hyper ($HYPER) — a new meme coin built on Bitcoin’s legacy, but reimagined for speed, scalability, and fun.
The presale has already raised over $4.8 million, with growing buzz on crypto Twitter and YouTube.
Popular influencers like Borch Crypto have praised it as “original” and called it one of the top opportunities of the year.
Right now, HYPER tokens are available for just $0.0124, but that price won’t last — the next increase kicks in automatically in less than 30 hours.
You can buy directly from the official Bitcoin Hyper website, using SOL, ETH, USDT, USDC, BNB, or even a credit card.
The post Bitcoin Price Prediction: All Eyes on This Descending Triangle Chart Pattern – 100% Move Coming? appeared first on Cryptonews.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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