Bitcoin To Soar By 40%: Analyst Predicts Strong Bullish Wave, Here’s How
The post Bitcoin To Soar By 40%: Analyst Predicts Strong Bullish Wave, Here’s How appeared on BitcoinEthereumNews.com.
Over the previous two weeks, the price of Bitcoin (BTC) has been steadily falling, which has fueled a general gloomy sentiment around the cryptocurrency industry. Despite the pessimism in the crypto market and around the flagship cryptocurrency, Captain Faibik, a popular cryptocurrency analyst and trader, has predicted a significant bullish wave for Bitcoin. This anticipated upswing might provide BTC with much-needed relief, suggesting a potential recovery that defies the general negativity prevailing in the cryptocurrency world. Bitcoin Set For Potential 40% Upsurge In The Short-Term Captain Faibik’s analysis cites market trends and signs that indicate either a strong rebound or more declines for BTC could be imminent. He draws attention to Bitcoin’s capacity to overcome overhead resistance and find solid support at critical junctures, which might propel prices higher even while the general market sentiment stays cautious. According to Captain Faibik, the digital asset’s price has been moving between the $60,000 and $70,000 support level and resistance levels for the past 4 months. Thus, the analyst claims until BTC breaks either of these levels, it is best to wait and observe its movement as no firm conclusions can be made at this point, noting that trading is a game of patience. In the event of a successful breakout above the $70,000 resistance level, Captain Faibik believes that the digital asset could undergo a bullish wave between 30 to 40% in the upcoming weeks. BTC poised for a 40% bullish wave | Source: Captain Faibik on X However, should Bitcoin breach below both the weekly Exponential Moving Average (EMA) 21 levels and the $60,000 horizontal support level, it might witness a deeper correction to hit the $50,000 threshold in the upcoming weeks. Thus far, Captain Faibik has pointed out that Bitcoin bulls are in total control of the market as long…
Filed under: News - @ June 24, 2024 4:14 pm