Bitcoin is still volatile, and bulls are slowly gaining momentum. However, key resistance levels continue to be a problem.
There is a Potential Win of $90,000. But First, This One.
The renowned crypto-analyst Captain Faibik shared his recent bullishness. outlook Bitcoin is expected to reach $68,000 this month, if the currency can successfully recover the crucial $60,000 mark.
Faibik said that closing the daily candle above $60,000.00 would be critical for Bitcoin to reach new heights in December.
Faibik highlighted the possibility for a Broadening Wedge Pattern breakout which could push Bitcoin’s value to between $88,000-$90,000. by the end Q4.
A Broadening Wedge is a pattern that typically indicates increasing volatility. It can also indicate the possibility of a reversal, depending on current market conditions. Faibik believes that if Bitcoin does break out to the upside from this pattern, then it will mark the beginning of the end. next significant bullish run For the crypto currency.
$BTC Bulls have regained momentum, but reclaiming $60k is crucial.
If we close the Daily candle above $60,000, then we may be able to reach $68,000 by the end this month.
In Q4, I’m Expecting a Broadening Wedge Breakout to the upside, and Bitcoin could… pic.twitter.com/JAl1CZ49eX
— Captain Faibik (@CryptoFaibik) September 13, 2024
Short To Macro Term Outlook On Bitcoin
Willy Woo is another renowned cryptocurrency analyst. provided his take on the current market, sharing his short, medium and macro term outlook on Bitcoin’s bullish potential.
Woo says while Bitcoin may not be technically in a “bear market”, the digital currency is. “re-accumulation”Phase, consolidation period that may signal an upcoming event potential move toward new all-time highs.
Woo says that a short-term bullish trend could happen within the next Bitcoin may not reach its previous highs for 1-3 months, but it will take more time.
Woo noted that, in the short term, Bitcoin has been showing signs of weakness since April’s halving. However, recent weeks show some positive signals. potential reversal. These signals remain, however. “unconfirmed,”It could be a while before Bitcoin reaches a new high.
The macroeconomic environment could also have an impact on Bitcoin’s movement. Woo cited the falling bond rates as an indication of a possible risk for traditional financial markets.
The 2008 COVID-19 crash, the 2020 COVID-19 accident and other examples from the past are all good illustrations. financial Falling bond rates were preceded by crashes, which were then followed by liquidation-fuelled rallies throughout all asset classesBitcoin, for example.
BTC may benefit from an emergence of a similar pattern. broader liquidity rallyThe risk of short term declines is still present.
Chart created by TradingView, DALL-E.
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Source: www.newsbtc.com