 ▲ Bitcoin (BTC) / ChatGPT-generated image |
Major cryptocurrencies, including Bitcoin (BTC), are collectively declining under intense selling pressure. However, a specific pattern identified on technical charts is signaling a potential explosive rally toward $79,000.
According to financial news outlet Benzinga on February 16 (local time), top market-cap assets such as Bitcoin, Ethereum (ETH), XRP, and Dogecoin (DOGE) succumbed to heavy selling pressure during Sunday trading. Bitcoin was pushed down to the $68,000 range, while Ethereum fell below $2,000. Data from cryptocurrency analytics platform Coinglass showed that approximately $325 million worth of positions were liquidated over the past 24 hours, with $240 million of that total coming from long positions betting on price increases.
Despite this short-term plunge, technical analysts are leaning toward the possibility of a Bitcoin rebound. Prominent crypto analyst Ali Martinez noted that an Adam & Eve double bottom pattern is forming on Bitcoin’s one-hour chart. Martinez predicted that if Bitcoin decisively breaks through the $71,500 resistance level, it could open the door for a vertical surge to $79,000.
Another market analyst, Michaël van de Poppe, described the decline as a typical Sunday correction. He explained that Bitcoin is moving to fill a gap near $69,000 on the Chicago Mercantile Exchange (CME) futures chart. Van de Poppe added that once markets reopen on Monday, Bitcoin is likely to rebound toward higher levels, noting that altcoins are showing relative strength.
The total cryptocurrency market capitalization currently stands at approximately $2.28 trillion, down 1.07% from the previous day. Bitcoin’s open interest fell 2.69% alongside the price decline, but retail investors and whale entities on Binance continue to maintain long positions, anticipating a long-term uptrend. The Fear and Greed Index remains in the extreme fear zone, reflecting weakened investor sentiment, though technical indicators are signaling early signs of a bullish reversal.
Global investors are closely watching whether Bitcoin can surpass the critical threshold of $71,500 and climb to the $79,000 level. A more favorable macroeconomic environment, highlighted by consumer inflation falling to its lowest level in eight months, is also supporting the case for a rebound. With the New York Stock Exchange and Nasdaq closed for Presidents’ Day, attention is focused on whether the cryptocurrency market can initiate an independent rally this week.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses resulting from it. The content should be interpreted solely for informational purposes.*