Legendary Trader Says Bitcoin Could Hit $100K—But Only If It Breaks This Key Level

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Bitcoin is at a make-or-break moment! For the past six months, the crypto king has been trapped in a tricky trading pattern called a Descending Broadening Wedge. Top trader Captain Faibik warns that breaking the crucial $69-70k resistance is key. If Bitcoin can push past this hurdle, it might just skyrocket to $100,000 by the end of the year!

Bitcoin Key Resistance At $69-70k

Captain Faibik, a well-known crypto trader, has recently shed light on Bitcoin’s current trading pattern. For the past six months, Bitcoin has been moving within a Descending Broadening Wedge pattern. Meanwhile, this pattern typically indicates a period of uncertainty, but as the price action continues within this wedge, the chances of a breakout increase.

$BTC Nothing has Changed yet..!!

Bitcoin has been consolidating within a Descending Broadening Wedge for the past 6 Months.

Breaking through the $69-70k Crucial Resistance level is essential for the bulls.

In the last 4-5 attempts, Bulls have failed to clear this level, but… pic.twitter.com/hVyGwd6Tgt

— Captain Faibik (@CryptoFaibik) August 29, 2024

As per Faibik’s analysis, the key level to watch is the $69-70k resistance. Perhaps, this level has been a major hurdle for Bitcoin, with bulls failing to surpass it in their recent 4 to 5 attempts. 

However, Faibik points out that this resistance is starting to weaken, which might set the stage for a successful breakout.

Bitcoin Bulls Eye $100k

If Bitcoin manages to break out of the Descending Broadening Wedge to the upside, Faibik suggests that it could easily reach $100,000 in the fourth quarter. This potential rally is based on technical indicators and the current weakening of the resistance level.

A Time for Patience

For now, Captain Faibik advises caution for those considering leverage trading, as the market conditions may not be ideal for high-risk strategies. Instead, he encourages long-term Bitcoin holders to sit back and relax, as the long-awaited Bitcoin bull run could be just around the corner. 

With the resistance weakening and the potential for a breakout on the horizon, the next few months could be crucial for Bitcoin’s price action.

Bitcoin Price Struggling

Bitcoin’s price recently dropped below $60,000, reflecting the bearish market trend. This decline comes as spot Bitcoin ETFs experienced significant outflows, totaling $109.18 million as of August 28.

Among these, Ark & 21 Shares (ARKB) saw the largest outflow with $96.41 million, according to Lookonchain data.

As of now, Bitcoin is trading at $59,680, showing a slight price increase. Its market cap stands at $1.17 trillion, while Bitcoin’s dominance in the market has risen to 57.21%, up by 0.05% over the past day.