Top Analyst Predicts 25% Bitcoin Price Surge if this Key BTC Resistance Breaks – Here’s His Outlook
Captain Faibik, a top analyst, tweeted that Bitcoin is recovering nicely and is gearing up for a potential bullish rally. According to Faibik, Bitcoin bulls need to clear the $68,000 resistance to confirm the bullish flag breakout. Once confirmed, this could lead to a +25% bullish rally by June.
What you'll learn 👉
BTC Price Movement and Trends
Analyzing Captain Faibik’s chart, Bitcoin experienced an uptrend. Following this, it entered a consolidation phase between March and May 2024. During this period, Bitcoin formed a bullish flag pattern. This pattern is characterized by a downward sloping channel, where the price oscillates between approximately $58,000 and $68,000. The flag pattern suggests a continuation of the uptrend, indicating a potential breakout to the upside.
The flag pattern’s support and resistance levels are crucial. The lower boundary of the flag sits around $58,000, while the upper boundary is approximately $68,000. Currently, the price is nearing the upper resistance level, suggesting a possible breakout.
Bitcoin Price Prediction: Projected Movement
Faibik’s analysis highlights the green line within the flag, indicating the anticipated breakout direction. Once Bitcoin breaks out of the flag pattern, the projection suggests an upward movement. The target level post-breakout is around $86,000. This potential rise aligns with the height of the flagpole added to the breakout point.
The bullish flag pattern is a strong indicator of continued bullish momentum in the market. If Bitcoin successfully breaks out of the resistance level at $68,000, it could lead to a substantial price increase, targeting $86,000. This pattern, combined with the recent uptrend, suggests strong bullish sentiment in the market.
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In the short term, the key level to watch is the upper boundary of the flag pattern at $68,000. A successful breakout above this level would confirm the bullish flag and likely lead to a rapid price increase. If the breakout occurs, Faibik’s next target is $86,000. In the long term, sustained bullish momentum and favorable market conditions could drive Bitcoin prices higher, potentially attracting more institutional and retail investors.
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