Bitcoin Price Analysis: BTC Bulls Defend $60K Support, Analyst Predicts “Rally to $100K” on Key Condition
Bitcoin bulls have once again defended the crucial $60,000 support level, according to crypto analyst Captain Faibik (@CryptoFaibik). In a tweet, Faibik stated that Bitcoin is now “bouncing back strongly” after the defense of this key level. However, he notes, “Bulls need to Reclaim the Crucial 72k Resistance level to open the Doors for a Rally to 100k”.
Bullish Outlook: Bitcoin’s Path to $100K
Faibik backed up his bullish outlook with a weekly chart analysis depicting Bitcoin’s price movement over time. The chart highlights a period of price consolidation, where Bitcoin’s price traded within a defined range. This period is often seen as the market being undecided before the next major move.
Moreover, the analyst’s chart outlines a clear resistance level at the top of the consolidation range and a strong support level at the bottom. Significantly, the price has touched these levels multiple times without breaking through, reinforcing their technical significance.
Faibik’s analysis includes a predicted price path, represented by a red zigzag line, indicating his expectation for an upward breakout from the current consolidation pattern. This path culminates in a bullish price target in the range of $94K to $96K..
Lending further credence to the bullish outlook, Faibik highlighted in a separate tweet that Bitcoin’s daily Relative Strength Index (RSI) has broken out of a falling wedge pattern. He stated, “$BTC Daily RSI has broken out of a falling wedge Pattern, indicating Bitcoin is Ready for a 15-20% Bullish Rally.”
Price Action
According to CoinGecko’s data at the time of writing, Bitcoin’s price sits at $66,266.57, representing a 0.81% increase over the last 24 hours and a 5.29% gain in the past week.
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Show more +While technical analysis does not guarantee future price movements, Faibik’s comprehensive chart breakdown and accompanying RSI analysis suggest a bullish outlook for Bitcoin. Traders and investors will closely monitor whether the top cryptocurrency can reclaim the $72,000 resistance level, potentially paving the way for the predicted rally towards $100,000.
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