Bitcoin’s volatility continues, as bulls gain momentum but important resistance levels are still a challenge.
There is a Potential Win of $90,000, but This First.
Recently, Captain Faibik, a renowned crypto analyst shared his bullish predictions. outlook Bitcoin could reach $68,000 at the end of the month if Bitcoin successfully returns to the $60,000 critical level.
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 prices to between $88,000-$90,000 at the end of the Q4.
In context, the Broadening Wedge signal typically signifies increasing volatility. This pattern can be interpreted as a sign of market momentum and a potential reversal. Faibik says that if Bitcoin breaks this pattern upwards as predicted, then it may be the beginning of the next major bull run. significant bullish run Cryptocurrency is a great way to store and exchange your currency.
$BTC Bulls are building momentum again, but it’s important to reclaim the $60k level.
We could potentially reach $68k at the end of January if we can get our Daily Candle to close over $60k.
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 – another well known crypto analyst provided his take on the current market, sharing his short, medium and macro term outlook on Bitcoin’s bullish potential.
Woo says that although Bitcoin technically isn’t in a downturn, it is still in an a “re-accumulation”Phase, consolidation period that may signal an upcoming event potential move toward new all-time highs.
Woo notes that a positive swing in Bitcoin’s price could be seen within the coming 1-3 weeks. But, it will take more time for Bitcoin to surpass its previous record highs.
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,”Bitcoin could still take some time to reach a record high.
Furthermore, macroeconomic factors could have an impact on Bitcoin’s movement. Woo cited the falling bond rates for traditional financial markets as a possible risk signal.
Falling bond rates have preceded financial crises in the past, including the COVID-19 2020 crash, and were then followed by liquidity-fuelled rallies throughout. all asset classesBitcoin, for example.
BTC may benefit from an asymmetrical pattern if it occurs. broader liquidity rallyThe risk of short term declines is still present.
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Source: www.newsbtc.com
