Bitcoin appears to be the most valuable cryptocurrency on the market. “bottomed out” and is now poised The price of Bitcoin is expected to rise above $150,000 in the near future, says Captain Faibik.
The analyst’s insight comes at a time when Bitcoin is currently showing signs of recovery, having reclaimed the $60k mark after its recent drop below $59,000.
A Surge Of $150,000 Is On The Horizon
The Descending Broadening Wedge, which Captain Faibik described in his latest post on X chart. This pattern is usually indicative of bullish potential, suggesting that an upward breakout is highly probable after a period of price declines and increasing volatility.
Faibik says that we’re currently experiencing what he refers to as “the “Accumulation phase,”This is a signal that historically occurs before significant rallies.
Investors purchase the asset during this phase. lower pricesIt is a way to prepare for future anticipated gains. This sentiment is backed up by altcoins’ steep price declines. They have fallen 60-70% in value since March 20,24.
The Markets are moving with a Descending Broadening wedge pattern since the high of March 2024.
We are in the accumulation phase just prior to the next Massive Bullish Rally.
Most altcoins are down 60-70% since the March high, and I know Altcoin holders are… pic.twitter.com/ttWsBwMbOJ
— Captain Faibik (@CryptoFaibik) August 11, 2024
Captain Faibik believes in Bitcoin price trajectoryHe can draw parallels between the current cycle and previous ones. He remembers the time around August and September 2023, when BTC was trading between $17,000 to $18,000. According to Faibik, those who heeded his advice to buy during that time saw Bitcoin’s value soar to $74,000.
Faibik shared the present outlook.
Now, I’m telling you again to Accumulate. Bitcoin’s price will probably surpass $150k again. Build your Portfolio and keep accumulating dips for 2024-25.
Bitcoin Rainbow Chart
Lark Davis, another analyst who echoes Fabric’s analyses, also chimes in. points Bitcoin Rainbow chart currently displays Bitcoin as a rainbow color. “accumulation zone.”
This tool is used by investors to assess the market based on historic data. market sentiment Price movements are possible. Davis believes that BTC will reach its highest price if it reaches the “FOMO Intensifies”As it was in the previous cycle, this could soar to anywhere between $150,000-$190,00,000.
Davis recommends that investors accumulate BTC at these lows. He suggests we’re in an ideal phase for accumulating positions to prepare for the future. next The market is booming.
Bitcoin Rainbow Chart shows: $BTC Currently, the accumulation zone is in progress.
The last cycle we were ranked number one in the “FOMO Intensifies” zone.
When we get to that zone, $BTC could go anywhere between $150K–$190K.
How do you see us ending this cycle in the next few years? pic.twitter.com/STuOwmoN68
— Lark Davis (@TheCryptoLark) August 12, 2024
Featured Image created using DALL-E and Charts from TradingView
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Source: www.newsbtc.com