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The post Bitcoin Breakout Alert: Can BTC Smash $68K? Here’s What Popular Analyst Says appeared first on Coinpedia Fintech News
Bitcoin is showing signs of hope after being stuck in a cycle of lower highs and lows. Recently, it surged above $66,000 for the first time in five weeks, hitting $66,397! With the Crypto Fear and Greed Index now at 64, we’re officially in the “greed” zone.
Popular crypto analyst Captain Faibik, Bitcoin bulls are taking charge, and a breakthrough at the $68,000 resistance could see prices soar to between $88,000 and $90,000 by December. But beware—experts warn of potential corrections.
BTC To Break $68k Resistance!
According to renowned crypto analyst Captain Faibik, Bitcoin (BTC) bulls are currently dominating the market. As Bitcoin is nearing a crucial $68,000 resistance, the sentiment in the market is leaning toward optimism.
$BTC bulls are Currently in full Control!
Bitcoin is approaching a 68k Crucial Resistance level.
– If the Bulls successfully reclaim this area and Broadening Wedge breaks to the upside, Bitcoin could Potentially reach the 88–90k by the end of December.
– In the Worst case, if… pic.twitter.com/ijlrhNrhkQ
(@CryptoFaibik) September 28, 2024If bulls manage to reclaim this level and break out of the broadening wedge pattern, it could lead to significant gains for Bitcoin. This breakout would signal a strong bullish momentum, potentially elevating BTC to the range of $88,000 and $90,000 by the end of December.
Perhaps, on the flip side Captain Faibik also warns that if the bulls fail to clear the resistance or if a fakeout occurs from the broadening wedge, Bitcoin may need to revisit the support zone around $57,000. This makes the upcoming days critical for BTC traders.
Caution: Possible Correction Ahead
Adding to the complexity, prominent crypto analyst Ali Martinez recently highlighted that Bitcoin might face a brief price correction. Eventually, the TD Sequential indicator on the BTC 4-hour chart is flashing a sell signal, suggesting that traders should be on alert for potential downward movements.
Bitcoin Price Analysis
Right now, Bitcoin is trading at around $65,867, showing a small rise in the last 24 hours. With a market cap of $1.30 trillion, the buzz is strong!
The 50-day moving average (MA) is a key short-term signal for how people feel about the market, while the 200-day MA shows the long-term trend. Both are pointing to the good news: Bitcoin is still in a bullish zone!
If Bitcoin can stay above $65,000 this week, it might just be gearing up for a big leap toward the $70,000 mark. Are you ready for the ride?
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