Here’s what’s next for Bitcoin (BTC) price rise after ‘thousands of dollars move’!

Bitcoin price broke a new ATH of $72,800 as it rose north within a predetermined bullish pattern. After achieving this milestone, the bulls appear to have entered a consolidation phase again, as they have done every time, and surpassed the previous high. These movements always lead to a bullish breakout and the formation of a new ATH in the short term. Moreover, the whale’s behavior has raised some doubts, which could lead to a reasonable downside possibility of a drop below $70,000.

BTC price has maintained a strong upward trend since the price triggered a healthy upward trend in mid-January 2024. This caused whales, addresses of 1000+ BTC, to start accumulating at a faster rate. The token has maintained a healthy upward trend since the price crossed the consolidation around $51,000 in the first few days of March, but at the same time, whales have started liquidating their holdings.

According to data from Glassnode shared by analysts, AliThe number of addresses holding more than 1000 BTC has decreased significantly since the beginning of the month.

This whale liquidation coincides with BTC price breaking a new ATH above $72,800. Addresses fell from 2.15K to 2.05K, which could cause the BTC price to plummet by 4.83%. Therefore, this move by the whale may force the token to maintain a narrow consolidation, which may push the price below $70,000 for some time. Therefore, it is believed that the token will maintain descending consolidation over the next few days.

Since all indicators are relatively cool and not overheated, the Bitcoin price may certainly not suffer a major decline or correction. As presented in the chart above, prices are expected to consolidate within a triangle that more closely resembles a definitive symmetrical triangle. After the peak is reached, a breakout could occur leading to a bullish breakout towards a higher target, with the initial target being $75,000.

Since the Bitcoin (BTC) price as a whole is heavily influenced by strength, small consolidations can be considered good opportunities to accumulate.