Secret takeaways:
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Bitcoin’s increasing wedge pattern recommends a prospective drop to $74,000 if an essential assistance level stops working.
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A brand-new whale has actually positioned $140 million in other words bets on BTC.
Bitcoin’s (BTC) technical setup recommends a much deeper correction to $74,000 is possible, as whales have actually increased their brief direct exposure to BTC.
Bitcoin’s increasing wedge targets a 34% rate drop
The weekly chart reveals the BTC/USD set trading within an increasing wedge, with the rate screening assistance from the lower trendline of the pattern at $110,000.
Related: United States Bitcoin and Ether ETFs rebound as Powell signals rate cuts
A weekly candlestick close listed below this level will clear that course for Bitcoin’s drop towards the wedge’s bearish target at $74,000, representing a 34% decrease from the existing rate. This likewise accompanies its previous peak reached in March 2024.
Bitcoin’s bearish case is supported by a growing bullish divergence in between its rate and the relative strength index, as displayed in the chart above.
Increasing wedges are usually bearish turnaround patterns, and BTC’s ongoing combination within the pattern’s trendlines recommends that “Bitcoin’s bull run is nearing its end,” according to expert Captain Faibik.
” Bitcoin is still inside the increasing wedge and bulls remain in control in the meantime, however not for long,” the expert stated in an X post on Wednesday, including:
” Momentum is fading, and as soon as the wedge breaks, bears will take control of with a sharp correction ahead.”
Veteran trader Peter Brandt stated Bitcoin might see a “significant shakeout” before going back to its all-time highs above $126,000.
” I believe the day of the 80% decrease is over, however maybe back to $50-60,000 and evaluate the lower skin of the banana.”
As Cointelegraph reported, numerous technical and onchain metrics recommend that the BTC/USD set might drop to $74,000 in the worst-case circumstance if the rate stopped working to hold above the $110,000 assistance level.
Bitcoin whale positions $140 million BTC brief bet
Bitcoin bears doubled down on their BTC brief direct exposures as require much deeper rate drawdown have actually grown louder.
Information from Lookonchain reveals that a Hyperliquid whale has actually positioned a brief position worth $140 million, at 5x utilize and a liquidation rate of $137,700.
Another whale, 0xc2a3, simply opened a 5x brief on 1,240 $BTC($ 140M) on#Hyperliquid
Liquidation rate: $137,700 https://t.co/9PPQWCKRHj pic.twitter.com/3yLHGDKMAi
— Lookonchain (@lookonchain) October 15, 2025
This is not the only whale banking on Bitcoin’s disadvantage. On Tuesday, another Bitcoin whale that shorted BTC recently contributed to a $500 million disadvantage bet, with 10x utilize.
On the other hand, onchain information revealed that the ratio of latent earnings and loss (NUPL) has actually moved from “optimism” to “ecstasy,” a pattern that has actually preceded blow-off tops in the past.
This post does not include financial investment guidance or suggestions. Every financial investment and trading relocation includes threat, and readers need to perform their own research study when deciding.