Is Bitcoin Aiming for $74,000? A New Whale Takes a $140 Million Short Position
Bitcoin appears poised for a potential decline, with analysts warning that a drop to $74,000 may be on the horizon as major players escalate their short positions.
Key Insights:
- Bitcoin’s rising wedge could lead to a drop to $74,000 if critical support is breached.
- A new whale has placed a significant $140 million short bet on Bitcoin.
Bitcoin’s technicals indicate a potential correction to $74,000 as whale investors ramp up their short positions.
Bitcoin’s Rising Wedge Indicates 34% Price Decrease
The BTC/USD weekly trading chart reveals a rising wedge pattern, with the price testing a key support level at $110,000. A weekly close beneath this level could pave the way for a drop to the wedge’s target of $74,000 — translating to a 34% decrease from current rates.
“Bitcoin is still inside the rising wedge and bulls are in control for now, but not for long,” said analyst Captain Faibik. “Momentum is fading, and once the wedge breaks, bears will take over with a sharp correction ahead.”
In related commentary, veteran trader Peter Brandt suggested that Bitcoin could experience a significant reset before reclaiming its all-time peaks.
“I think the day of the 80% decline is over, but perhaps back to $50-60,000 and test the lower skin of the banana.”
In other developments, a Hyperliquid whale has recently opened a $140 million short position, reflecting a growing bearish sentiment within the market. Bitcoin’s on-chain metrics and price behaviors suggest a challenging period ahead for the cryptocurrency if it cannot maintain its $110,000 support.
