Bitcoin’s Consolidation Hints at Re-Accumulation Before a Major Move
Bitcoin (BTC) has remained below the $100,000 mark since the beginning of February, as bullish sentiment slows. Despite the lack of immediate upward momentum, analysts suggest the current stagnation resembles a re-accumulation phase, historically observed before major breakouts.
Bitcoin targets $150K amid USDT dominance shift. Source: TradingViewTechnical analyst TradingShot highlights the role of USDT dominance in Bitcoin’s next potential rally. When USDT dominance declines, traders tend to rotate funds into BTC and other cryptocurrencies. This trend has preceded Bitcoin’s past surges, notably in January–March 2023 and November 2023–February 2024.
Currently, the USDT dominance is pulling back, similar to previous accumulation phases, alongside a drop in the Dollar Index (DXY). If this pattern repeats, BTC could be on track for a rally toward $150,000. However, short-term risks remain, with Glassnode identifying $92,500 as a key short-term holder cost basis. A drop below this level could trigger panic selling.
Analyst highlighted BTC price RSI divergence. Source: Rekt Capital/XAnalyst Rekt Capital also sees a potential bullish divergence, where BTC’s Relative Strength Index (RSI) is forming higher lows despite price consolidation. If BTC holds above $97,700, it could push toward $101,000 as the first milestone before an extended rally. However, Merlijn The Trader warns that if BTC closes below $93,500, it could decline to $86,000, its 200-day exponential moving average (EMA).
Bitcoin forms double top, eyes CME gap below. Source: XMeanwhile, some analysts highlight the possibility of BTC filling a CME gap at $76,000, a common occurrence in Bitcoin’s price history. Until Bitcoin breaks out of its current range of $93,000–$98,000, traders remain cautious.
Shiba Inu (SHIB) Attempts a Recovery After a Falling Wedge Breakout
Shiba Inu’s sitting at $0.00001522 right now. It’s down 3.5% this week but still up 55% over the past year. The meme coin just broke out of a Falling Wedge pattern—think of it as a coiled spring ready to pop—according to analyst Bezos Crypto. This setup often leads to big jumps, and with trading volume picking up, Bezos is calling for a target of $0.00008841. That’s a 422% gain. SHIB’s pulled off wild rides before, like its insane 27,004,661% climb from its all-time low, so the buzz makes sense.
Shiba Inu forming a bullish falling wedge. Source: XMeanwhile, SHIB whales just dumped 2.1 trillion tokens worth $32.55 million. That kind of move rattles the market and could weigh down the price. CoinW stirred the pot by suggesting SHIB might soar 4,166,567% to $1, but let’s be real—with 589 trillion tokens out there, hitting $1 would mean a $589 trillion market cap. That’s bigger than the entire world economy.
Shiba Inu Addresses Feb 2024. Source: IntoTheBlockIntoTheBlock data shows SHIB’s address count jumped from 3.8 million to 4.64 million over the past year—840,000 new accounts. About 100,000 of those hold actual tokens, and every type of holder, from long-term “Hodlers” to short-term “Traders,” grew too. That’s a solid sign of faith, even after SHIB slid from $0.000045 last March when the meme craze cooled. The breakout’s promising, but those whale sales could spoil the party.
Bittensor: Coinbase Boosts It 25%—Can It Keep Going?
Bittensor (TAO) is at $470.72, up 4.93% in the last day and 25% this week. Coinbase just added it to its platform and exchange, opening the floodgates for more buyers. TAO, tied to decentralized AI, also broke out of a Falling Wedge pattern, says analyst Captain Faibik. He’s betting on a 2x surge, while World of Chart sees it hitting $500 soon. If it closes above $490, past the 200-day EMA and $475 resistance, it could climb 46% to $720.
TAO chart signals bullish breakout, eyes 100% gain. Source: Captain FaibikCoinglass data shows $4.52 million in TAO flowed into exchanges recently—long-term holders selling as the price rises. That could drag it down. On the flip side, Open Interest spiked over 25% in a day, showing traders are all in. Bulls are holding $7.71 million in longs at $435.90, outmuscling $5.05 million in shorts at $473.
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