The Bitcoin market has had a decisive move, according to Captain Faibik, a top crypto analyst. Following a long consolidation period within a descending broadening wedge pattern, Bitcoin broke past a key resistance level, indicating a shift in market sentiment.
Bitcoin has the ability to hit new records, according to Faibik’s analysis. Furthermore, with a mid-term objective of $100,000, the analyst has set an immediate price target around $88,000 and $90,000.
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BTC Breakout Confirms Uptrend
The price of Bitcoin shifted for almost eight months within a bullish reversal pattern called a descending expanding wedge, which is used to indicate changes in trends. Bitcoin found it difficult to break through the upper resistance line as it moved within this expanding pattern.
Faibik’s tweet confirms that this barrier has now been broken, reinforcing a change from consolidation to an upward trajectory. The breakout came with a solid upward candlestick formation, pushing BTC above the wedge’s resistance at around $70,000, which had limited previous advances.
This breakout marks the end of Bitcoin’s prolonged consolidation phase, offering traders a renewed bullish perspective. Following this breakout, Bitcoin’s price has climbed to approximately $72,419, maintaining strong momentum with higher lows and higher highs—key signals of building bullish sentiment.
Key BTC Price Levels to Watch
Captain Faibik’s analysis identifies $70,000 as a crucial support level, now that BTC has confirmed a move above this mark. Should Bitcoin sustain this level, it would affirm bullish momentum in the short term. The next resistance zone, projected between $88,000 and $90,000, aligns with Faibik’s immediate target by late November to early December.
Bitcoin’s progress through this resistance area may indicate further upside potential. For now, the $70,000 support level is vital to maintaining this momentum.
Should Bitcoin price face any corrections, holding this support would reinforce the likelihood of reaching the $88,000–$90,000 range before the year’s end.
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Technical Indicators Reflect Momentum Shift
Captain Faibik’s chart shows the breakout from an extended pattern reflecting a positive shift in Bitcoin’s market structure. Generally, breakouts from such formations indicate a strong directional move, potentially paving the way for BTC to test new highs.
Although Faibik has set a midterm target of $100,000, he notes that reaching this level will depend on sustained bullish momentum and clearing the interim resistance near $88,000.
The confirmation of the broadening wedge breakout is a key development, as it validates Faibik’s projection for a possible upward trajectory for Bitcoin.
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