Bitcoin Milestone Ahead? Analyst Forecasts New Peak This Month
01 Mayo 2024 - 10:00AM
NEWSBTC
In the face of a general market decline and pessimism, Captain
Faibik, a cryptocurrency expert and enthusiast, has emerged with an
optimistic outlook for Bitcoin (BTC) foreseeable future trajectory,
predicting that the crypto asset could rise to a new all-time high
before this current month closes. Bitcoin To Reach New
All-Time High In May Faibik’s analysis, which is based on his
in-depth knowledge of cryptocurrency dynamics and a sharp eye for
market trends, explores the possibility of a large short-term rise
in Bitcoin. According to the analyst, Bitcoin is at a key junction
currently testing the daily Moving Average 100 (MA100) level once
more after recovering from it in the past. Historically, the crypto
asset has found considerable support at the 100MA level. Should BTC
recover from this point on, Captain Faibik anticipates a
significant rise on the upside in the upcoming days. Thus, he
expects the digital asset to reach a new all-time high within the
month. The post read: Last time, BTC bounced back from the daily
MA100, and now it is testing it again. If it bounces back from
here, we can expect a Bullish Rally in the coming days. New All the
High could be incoming this month The crypto analyst noted
Bitcoin’s price action in the daily timeframe also suggests that a
bullish rise is on the horizon. Faibik stated that on the daily
timeframe chart, BTC is still moving above the major trendline and
inside the green box indicated in his chart. As a result, the
analyst expects BTC to undergo a quick comeback. Related Reading:
If History Repeats, This Is How Bitcoin Price Will Perform In The
Next 6 Months Another notable finding from Captain Faibik is that
the daily Relative Strength Index (RSI) has been drifting below a
trendline that has been in place for some months. Although this
might indicate a brief waning of positive momentum, Faibik
interprets it as a sign of an impending price recovery for Bitcoin.
Given that BTC is still moving inside the bullish flag pattern, the
expert anticipates a bounce back towards $68,000 in the upcoming
days. $100,000 Price Target For BTC Captain Faibik’s most bullish
target for BTC recently is the $100,000 price mark. Last week,
Faibik pointed out key narratives that could catalyze
Bitcoin’s price to $100,000 in the coming months. According to the
expert, the presence of bullish investors in the market was the
reason why BTC was trying to make a comeback in the previous week.
Thus, for a significant price increase to $100,000, these investors
must retake the crucial resistance level of $72,000. Related
Reading: Bitcoin Long-Term Outlook: Analyst Foresees Peak In Late
2025 Furthermore, Faibik highlighted that BTC Bulls have solidly
secured the weekly Exponential Moving Average (EMA) 10 following
the October 2017 Descending Channel breakout. Due to this, the
crypto analyst is setting $100,000 as the digital asset’s next
price target. Following a decrease of more than 13% over the
previous 7 days, the price of Bitcoin is currently trading at
$57,701. In the last day, its market cap has plummeted by over 6%,
while its trading volume has increased by about 61%. Featured image
from iStock, chart from Tradingview.com
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