Bitcoin (BTC) Is Gearing Up for a 12% Bullish Rally, but Expect a Pullback to These Levels First
Bitcoin (BTC), the undisputed king in teh crypto world, is gearing up for another bullish rally, according to the keen observations of Captain Faibik, a respected crypto analyst. “BTC is gearing up for another +10-12% Bullish Rally,” he proclaimed, his words carrying weight among the trading community.
Captain Faibik’s analysis painted a picture of Bitcoin’s current predicament. “It’s currently moving inside the ascending triangle, attempting to clear the $69k Crucial Resistance level,” he explained. An ascending triangle is a bullish chart pattern that typically signals a continuation of an upward trend if the resistance level is breached.
However, Captain Faibik also acknowledged the possibility of a temporary setback. “I think Bitcoin might Retest the $66k level before the Triangle upside Breakout,” he cautioned. A retest of a support level is a common phenomenon in technical analysis, where the price revisits a previously established level to confirm its strength before continuing its trajectory.
Echoing Captain Faibik’s sentiment was the respected analysis firm altFINS. Their report shed light on the trade setup, stating, “Price is in an Uptrend. First attempt to break above $69K-$70K has failed. That’s an all-time-high (ATH), which is a significant resistance area.”
An all-time high (ATH) is the highest price level a particular asset has ever reached, and breaking through such a level often requires substantial buying pressure.
altFINS continued, “Price got very overbought (RSI > 80) and was rejected, pulling back as low as $59K. It’s likely to pause here and consolidate around this area, before resuming its uptrend.”
The Relative Strength Index (RSI) is a widely used technical indicator that measures the magnitude of recent price changes to evaluate overbought or oversold conditions. An RSI value above 80 is considered overbought, signaling a potential pullback or reversal.
Both analysts agreed that a consolidation phase around the $59K-$66K range was likely before Bitcoin could muster the strength to break through the $69K-$70K resistance zone. Captain Faibik warned, “In the worst-case scenario, if bulls lose the $66k support, Bitcoin might test the $60k Support area.”
Source: altFINS – Start using it today
Providing a bullish counterpoint, altFINS cited the recent approvals of 10 Bitcoin Spot ETFs as a tailwind for Bitcoin’s upward momentum. ETFs, or Exchange-Traded Funds, are investment vehicles that allow investors to gain exposure to various assets, including cryptocurrencies, without directly holding the underlying asset.
While Captain Faibik and altFINS differed slightly in their projected price targets, both agreed on the overarching bullish sentiment surrounding Bitcoin, with altFINS stating, “Now we wait for price to either 1) break above $70K to signal continuation of uptrend, with upside to $79K-$80K next, or 2) pull back near $60K support for another swing trade entry in Uptrend.”
As the crypto world held its collective breath, traders and investors alike prepared for the potential consolidation phase, keeping a watchful eye on the crucial resistance and support levels, ready to seize opportunities as they arose in the ever-evolving Bitcoin narrative.
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