Investors at Fetch.ai are buzzing with excitement as they anticipate a potential reversal pattern on the chart for FET. With a correlation of 0.85 to Bitcoin, the upcoming Bitcoin Halving is expected to trigger a bull run that could have a significant impact on the price of FET.
In the last 2-3 days, whales have been shifting their sentiments from HODLing to accumulation, increasing their collective holdings by a staggering $59 million. This increase in holdings, particularly among addresses holding between $100k and $10 million worth of tokens, indicates a positive rally on the horizon. The strength of this increase suggests that the rally may happen sooner than expected, with potential significant outcomes by the end of 2024.
Bitcoin Halving, which has already started to influence the price of FET, has slashed miners’ rewards and controlled the circulation supply of BTC, leading to an increase in the token’s value. This impact is not limited to FET alone, as other cryptocurrencies in the market are also expected to feel the effects of Halving in the near future.
FET’s double-bottom pattern, characterized by two consecutive troughs at the same level, signals the potential for a reversal trend. While the pattern has not been fully validated yet, FET recently broke through the $2.28 neckline, which could serve as a key level to watch for future price movements.
Currently trading at $2.43, FET has seen a slight drop in the last 24 hours but a significant rise of 15.93% in the last 7 days. Despite the recent fluctuations, investors remain confident in the upcoming rally for Fetch.ai, especially with the support of whales accumulating tokens.
Two key factors, Bitcoin Halving and the correlation with Bitcoin, are expected to drive a surge in FET’s price. As Bitcoin and other cryptocurrencies start to climb, the overall market sentiment is positive, with investors eagerly awaiting the potential growth of Fetch.ai in the coming days.
