Bitrabo Editorial
Bitcoin’s price has been on a downward trend recently, leading to a negative sentiment within the cryptocurrency industry. However, popular analyst Captain Faibik has forecasted a significant bullish wave for Bitcoin, offering a potential boost that defies the current pessimism surrounding cryptocurrencies.
Potential 40% Upsurge Expected for Bitcoin in the Near Future
Referencing market trends and signals, Captain Faibik suggests that Bitcoin could experience either a strong recovery or further declines. He highlights Bitcoin’s ability to surpass resistance levels and establish solid support, leading to potential price increases even in a cautious market environment.
According to Captain Faibik, Bitcoin has been fluctuating between $60,000 and $70,000 support and resistance levels for the past four months. Until Bitcoin breaks out of these levels, cautious observation is advised as definitive conclusions cannot be drawn yet.
If Bitcoin successfully breaches the $70,000 resistance level, Captain Faibik believes a bullish wave of 30 to 40% could occur in the coming weeks.
However, a drop below the weekly Exponential Moving Average (EMA) 21 levels and the $60,000 support level could lead to a deeper correction towards the $50,000 mark in the near future.
Captain Faibik maintains that as long as Bitcoin remains within the designated green box in his chart, the market is under the control of the bulls and is considered stable.
Investors and traders are advised to remain cautious and consider the possibility of a bullish rebound amidst the prevailing bearish market sentiment.
Heightened Bitcoin Accumulation Could Result in Downward Pressure
Cryptocurrency analyst Ali Martinez has also discussed the negative trend in Bitcoin’s price movements, suggesting the potential for further downward pressure.
Based on significant Bitcoin accumulations observed over the weekend, Martinez indicates that around 3.03 million BTC were acquired by approximately 5.45 million addresses within the $64,300 to $70,800 range.
This accumulation could pose a substantial supply obstacle for Bitcoin, potentially leading to a sharp decline if holders decide to sell to minimize losses, thereby creating persistent downward pressure.
With Bitcoin currently trading below the mentioned levels, Martinez’s prediction seems to be materializing as the asset’s market cap has decreased by over 4% in the last 24 hours.