Bitcoin Meteoric Rise: Analyst Predicts $90,000 Milestone In April

In the face of Bitcoin‘s dropping price due to market bearishness, well-known crypto expert and trader Captain Faibik anticipates a major rally that might push BTC to a new height by the end of April.

Bitcoin Might Be Poised For New Peak This Month

Currently, Bitcoin is showing a strong downward trend on shorter time scales, dropping to around $65,000 after reaching as high as $71,000 momentarily on Monday. Captain Faibik remains optimistic that the value of BTC will increase in the latter part of this month, despite the recent price decrease.

Captain Faibik’s assessment highlights Bitcoin’s potential bullish pennant pattern emerging on the 12-hour chart. This pattern, as explained by the cryptocurrency specialist, could lead to a significant price increase occurring towards the end of the week.

Bitcoin Meteoric Rise: Analyst Predicts $90,000 Milestone In April

If the expected breakout is successful for Bitcoin, it could hit a new record high according to experts. Consequently, Captain Faibik has marked $88,000 and $90,000 as potential targets for the price of Bitcoin in this month. The text stated:

On the 12-hour chart, Bitcoin is showing signs of a bullish pennant formation. This pattern suggests an upcoming price increase. If the breakout is successful later in the week, Bitcoin’s price could potentially reach $88,000 to $90,000 by the end of this month.

An expert analysis reveals that a bullish pennant pattern has emerged on the daily chart. This discovery leaves the analyst hopeful that a breakout will occur imminently.

An analyst has noted some buying activity on shorter time frames, leading to a surge in demand for the cryptocurrency. The bulls are actively protecting the 4-hour EMA 200, which is around $65,600. Additionally, there’s a potential bullish pattern called a pennant forming.

To regain their strength and push Bitcoin prices higher, Bitcoin supporters need to overcome the significant barrier at $70,000 first. This implies that more effort is required from them before they can reach this resistance point.

At present, the price of Bitcoin is at $66,125, representing a drop of more than 5% over the last week. The trading volume has dropped significantly by almost 9% within the past day. Meanwhile, its market capitalization has experienced a slight increase of approximately 0.81%.

Possible Correction On The Downtrend

Some analysts, including The Fomo Factory among them, have raised concerns and remain skeptical about Faibik’s expected recovery. They worry that a pullback may occur instead.

The expert shared various scenarios and warned of potential price drops for the coin. Based on the analyst’s assessment, Bitcoin might fall as low as $60,000, serving as a strong foundation. Additionally, it could reach the Fibonacci retracement levels of $52,000 and $56,000.

The analyst issues a warning: Bitcoin’s price might pull back to $48,000 or even $42,000 before any potential rally.

The Bitcoin halving event nears, casting doubt on the future of the largest cryptocurrency asset. But based on past occurrences, there’s optimism for a price surge in the near term.

Bitcoin Meteoric Rise: Analyst Predicts $90,000 Milestone In April

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2024-04-04 02:10