Bitcoin Price Rally Ahead: As Analysts Predict 15-20% Surge After Upside Breakout
The post Bitcoin Price Rally Ahead: As Analysts Predict 15-20% Surge After Upside Breakout appeared first on Coinpedia Fintech News
While the Bitcoin halving event may not produce an immediate impact on BTC price, analysts anticipate a significant surge over the next 12 months leading up to 2025. Despite this anticipation, Bitcoin’s price has remained relatively stable, holding steady around the $64,000 mark following the halving.
Notably, esteemed crypto analyst Captain Faibik predicts a bullish rally of approximately 15-20% in the coming days.
Bitcoin Bullish Rally, Ahead!
Renowned crypto analyst Captain Faibik has sparked optimism among investors by hinting at a potential bullish breakout. He points to an upside breakout observed in the Falling Wedge pattern, which typically hints at a reversal of the current downtrend and suggests a forthcoming bullish breakout.
$BTC Daily RSI is forming Falling Wedge formation..!!
Seems like It has bottomed out and I’m expecting a Upside Breakout soon.
+15-20% Bullish Rally incoming #Crypto #Bitcoin #BTC pic.twitter.com/2FTgorjPjP
— Captain Faibik (@CryptoFaibik) April 20, 2024
According to Faibik, the Falling Wedge formation indicates that Bitcoin’s RSI has hit a bottom and is now poised for an upward movement. This observation aligns with the anticipation of a bullish rally of approximately 15-20% following the potential breakout from the pattern.
If the Falling Wedge pattern is confirmed and Bitcoin’s RSI breaks out to the upside, it could trigger a significant price surge, injecting renewed optimism into the cryptocurrency market. However, it’s essential to remember that cryptocurrency markets are inherently volatile, and price movements can be influenced by various factors.
Bitcoin Aim For $80k
Another esteemed crypto trader, Doctor Profit, has expressed bullish sentiment regarding Bitcoin’s price following the successful completion of the 4th Bitcoin halving. This significant event typically signals an upward trend in Bitcoin’s price trajectory.
#Bitcoin halving is fully done, now miners need to earn x2 of what they have earned before to remain profitable
In other words, $80.000 is needed for miners to stay profitable with current halving rate. Bullish times ahead, only few understand..
— Doctor Profit (@DrProfitCrypto) April 20, 2024
Historically, miners received a fixed amount for validating transactions and maintaining the network’s security. With the rewards now reduced by half, miners face the challenge of doubling their earnings to remain profitable. As it stands, miners need to earn approximately $80,000 per Bitcoin to remain profitable in the current environment.
Despite the formidable challenge posed by the halving, Doctor Profit remains bullish on Bitcoin’s prospects. The trader sees the event as a precursor to bullish momentum, driven by the scarcity of Bitcoin and its increasing adoption as a store of value
Filed under: Bitcoin - @ April 20, 2024 6:21 am