Bitcoin will correct again before aiming for us$147,000
- Bitcoin price formed an inverse head and shoulders pattern targeting around us$147,700, but the exhaustion signal indicates a short-term correction first.
- On-chain Data showed whale inflows increased to the highest in weeks, while long — term holders became net sellers-in line with the consolidation phase.
- Bitcoin's price structure remains bullish above$107,200, but failure to maintain that level could invalidate the pattern and trigger a deeper correction.
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Most of the Bitcoin (BTC) movement this week looks sideways. The crypto champion was around us$121,300 after scoring a weekly gain of 1%. At first glance,
Bitcoin price movements seem uninteresting, but if you look deeper at the key chart structure and investor behavior, the next big breakout seems likely. However it may require one more correction before it happens.
Several important indicators, both on the chart and on-chain, now indicate a deeper correction forming below the surface. Although long-term targets are just beginning to take shape.
Bullish Engulfing Timeframe (Weekly):
The current bitcoin Setup forms a classic reversal structure that historically precedes large rallies. The inverse head & shoulders pattern, which is still developing, is showing early signs of symmetry between its left and right halves-indicating that the market may be in the process of building a foundation for the next rally.
However, short-term traders are observing a developing tilt pattern that is slightly up (forming a rising wedge-like structure), indicating potential exhaustion near the top and more bearishness in the near term.
At the same time, the Relative Strength Index (RSI), which measures market momentum, began to deviate from the price. Between July and early October, Bitcoin prices made higher highs, while the RSI made lower highs — a bearish divergence that often signals weakening buying power.
This combination-a mature chart pattern and a bearish wedge — like formation paired with weakening momentum-suggests that Bitcoin price may first Test lower levels to fully form its right side before attempting a breakout.
Whales and long-term holders add to selling pressure:
On-chain Data supports this technical setup. The Exchange Whale Ratio, which measures the share of exchange inflows from the 10 largest addresses, has jumped to 0.54 — its highest level since August 1st.
This signals an increase in whale deposits to the exchange, which is usually associated with short-term sales or portfolio rebalancing.
Meanwhile, long-term investors have become net sellers. Hodler Net Position Change, which tracks monthly accumulation or distribution, fell sharply from +3,082 BTC on September 28 to -23,461 BTC on October 9. This change of over 26,000 BTC indicates a clear profit-taking by veteran holders.
The combination of whale inflows and long — term selling suggests that big players expect short-term volatility before confidence returns-fitting the picture of a developing pattern rather than a completed one.
Bitcoin Price Levels important to note:
Bitcoin's broader structure is still targeting around$147,700, based on projections from the current setup.
For that move to happen, the market must first stabilize and break cleanly above us$126,100 (all-time high), near the neckline level of the ongoing inverse head and shoulders pattern.
Until then, short-term support stands between$117,900,$114,700, and$111,800. Maintaining those zones keeps the structure intact.
A drop below$107,200 would invalidate the bullish projection, while recapturing$126,100 could trigger a move towards$147,700 — marking the start of Bitcoin's next rally.
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