Bitcoin Price Analysis: BTC Price To Rebound With 25% Surge, Predicts Analyst

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After trading below $25k in the past two days, Bitcoin’s price rebounded toward $25.4k during the early Asian market on Friday. While the rebound was welcomed by the scalp traders, Bitcoin holders understand the pain is far from over in the short-term perspective. Moreover, Bitcoin price has been forming lower highs and lower lows on daily and weekly time frames since mid-April, an established characteristic of a falling trend.

Bitcoin Recovery on the Horizon 

According to a popular crypto analyst on Twitter Captain Faibik (@CryptoFaibik), Bitcoin price is well within the parameters of a rebound pattern. According to the analyst, Bitcoin price has been forming a falling wedge pattern on the daily and weekly time frames. The analyst added that the bulls have to break above the key resistance level of around $26.8k for the bullish momentum to sustain. 

In this regard, the analyst expects Bitcoin price to rally as much as 25 percent towards $31k if the key resistance is broken. In the intervening period, the analyst expects Bitcoin price to trade in a sideways consolidation as the buyers accumulate more forces.

Arguably, the crypto market is expected to remain under bearish sentiment until the United States’ legal proceedings are resolved. Currently, top crypto firms including Binance, Coinbase Global, and Ripple Labs are under the radar of the United States SEC for issuing unregistered securities including staking products.