TLDR
- Bitcoin’s Net Taker Volume on Binance has been persistently positive since April 11th, suggesting aggressive bullish positioning
- Crypto analyst “Dave the Wave” predicts Bitcoin is forming an inverse head-and-shoulders pattern, potentially leading to a rally above $110,000
- BTC’s 30-day MVRV Ratio hit its lowest level in six months, indicating decreased holder profitability
- Dave the Wave believes Bitcoin’s long-term uptrend remains intact despite bearish market sentiment
- Bitcoin was trading at $83,500 at the time of reporting
Bitcoin’s price action in recent days has sparked renewed interest from traders and analysts alike. Data shows bulls are positioning aggressively on Binance while technical analysts point to chart patterns suggesting the current correction may be nearing its end. At the time of writing, Bitcoin is trading at $83,500.
According to data shared by CryptoQuant community analyst Maartunn, the Bitcoin Net Taker Volume has remained consistently positive on Binance since April 11th. This metric measures the difference between taker buyer and taker seller volume on the exchange.
When this indicator shows positive values, it means taker buyers are outweighing taker sellers. This trend typically implies a bullish sentiment among traders on the platform.
Since April 11, aggressive buyers have dominated Binance Futures.
Taker sellers have struggled to gain the upper hand — a clear sign of aggressive positioning by bulls. 🐂 pic.twitter.com/vduc31dUp6
— Maartunn (@JA_Maartun) April 15, 2025
The positive Net Taker Volume hasn’t been marginal either. The metric has shown strong green values, indicating futures traders are placing aggressive bullish bets on the leading cryptocurrency exchange.
This shift toward positive sentiment coincides with Bitcoin’s recovery following news of a 90-day pause on tariffs for most countries. However, some analysts caution that historically, Bitcoin has often moved in the direction least expected by the crowd.
Technical Analysis Points to Potential Reversal
Meanwhile, a pseudonymous crypto strategist known as “Dave the Wave” has shared analysis suggesting Bitcoin may be forming a bullish reversal pattern. The analyst, who correctly predicted the 2021 Bitcoin crash, told his 149,300 followers on X that Bitcoin appears to be creating an inverse head-and-shoulders pattern on the daily chart.
This pattern is traditionally viewed as a bullish reversal signal. It suggests buyers are no longer waiting for prices to revisit recent lows before accumulating the asset.
Dave the Wave envisions Bitcoin potentially rallying close to $89,000 before dropping to support around $77,000. From there, he predicts a rally to a new all-time high above $110,000.
“With a push through the first line of resistance, the neckline of a possible BTC reverse [head and shoulders] would be formed… a great basing pattern,” the analyst stated.
On-Chain Metrics Paint Mixed Picture
While some indicators point to bullish momentum, others reveal the impact of recent price corrections on Bitcoin holders. The 30-day Bitcoin Market Value to Realized Value (MVRV) Ratio has hit its lowest level in six months.
The MVRV Ratio is an important indicator that reveals the profit-loss status of Bitcoin investors. The recent plunge suggests holder profitability has declined during the recent market correction.
Despite these mixed signals, Dave the Wave maintains that Bitcoin’s long-term uptrend remains intact. He suggests that current bearish market sentiment may be disconnected from the actual price action displayed on the charts.
“Any objective observer of the chart, unfamiliar with the market and not being caught up in it, will no doubt wonder what the panic is regarding price,” the analyst explained. “Their initial impression of the chart would be a visual one, seeing a regular series of moves and corrections, and they would most likely incline toward seeing the price currently at the end of yet another correction.”
The analyst attributes the current pessimism to collective sentiment and what he calls “money illusion,” suggesting that those closely following daily price movements may be overreacting to normal market fluctuations.
Bitcoin’s recent price action comes after several months of volatility following its all-time high earlier this year. The leading cryptocurrency has experienced several corrections but has maintained strength above key support levels.
Traders are now watching key resistance zones around the $85,000-$87,000 range to confirm whether the bullish sentiment indicated by Binance’s Net Taker Volume will translate into sustained price action.
The current market structure also appears to be forming what many technical analysts consider a base for potential future growth. These basing patterns often precede significant moves in either direction, with current indicators leaning toward the upside.
For now, Bitcoin continues to trade within its established range as market participants digest mixed signals from technical, on-chain, and sentiment indicators.
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