Important points:
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Bitcoin’s ascending wedge pattern suggests a possible fall to $74,000 if the major support level fails.
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A new whale placed a $140 million short bet on BTC.
Bitcoin (BTC) technical setup suggests a deeper correction to $74,000 is possible as whales increase their short-term exposure to BTC.
Bitcoin rising wedge aims for 34% price decline
The weekly chart shows that the BTC/USD pair is trading within an ascending wedge, with the pattern’s lower trendline at $110,000 providing support to test the price.
Related: US Bitcoin and Ether ETFs rebound after Chairman Powell suggests interest rate cuts
If the weekly candlestick closes below this level, Bitcoin will be well on its way down towards the wedge’s bearish target of $74,000, representing a 34% decline from the current price. This also coincides with the previous peak reached in March 2024.
As shown in the chart above, the bearish case for Bitcoin is supported by the growing bullish divergence between its price and the relative strength index.
An ascending wedge is typically a bearish reversal pattern, and according to analyst Captain Fibig, BTC’s continued consolidation within the pattern’s trendline suggests that “the Bitcoin bull market is nearing its end.”
“Bitcoin is still inside an ascending wedge, with the bulls in control for now, but not for long,” the analyst said in an X post on Wednesday, adding:
“Momentum is weakening and once the wedge breaks, the bear market will take over and we will see a sharp correction.”
Veteran trader Peter Brandt said a “massive swing” could occur before Bitcoin returns to all-time highs above $126,000.
“I think the days of the 80% drop are over, but we’ll probably go back to $50,000 to $60,000 and try the peel under the banana.”
As reported by Cointelegraph, several technical and on-chain indicators suggest that in a worst-case scenario, the BTC/USD pair could fall to $74,000 if the price fails to sustain above the $110,000 support level.
Bitcoin whale makes short bet of 140 million BTC
Bitcoin bears have doubled down on their BTC short exposure as calls for deeper price cuts grow louder.
Lookonchain data shows that the Hyperliquid whale has opened short positions worth $140 million with 5x leverage and a liquidation price of $137,700.
Another whale, 0xc2a3, opened a 5x short sale at 1,240. $BTC($140 million) #hyperliquid.
Liquidation price: $137,700 pic.twitter.com/3yLHGDKMAi
— Lookonchain (@lookonchain) October 15, 2025
This isn’t the only whale betting on Bitcoin’s downside. On Tuesday, another Bitcoin whale who shorted BTC last week added to his downside bet of $500 million with 10x leverage.
Meanwhile, on-chain data shows that the unrealized profit and loss ratio (NUPL) is moving from “optimism” to “euphoria,” a trend seen before the spike in the past.
This article does not contain investment advice or recommendations. All investment and trading moves involve risk and readers should conduct their own research when making decisions.