This year has been exceptionally challenging for Bitcoin and the wider cryptocurrency sector, influenced by adverse macroeconomic and political factors. Although BTC reached a new all-time peak of $109,000 earlier this year, the leading asset has faced considerable bearish pressure, resulting in a decline to approximately $76,000. Nevertheless, BTC has begun to exhibit upward movements, which analysts speculate could be indicative of a broader upward trend.
Upcoming Major Movement Dependent on Chart Formation
With Bitcoin showing positive momentum following its recovery above $87,000 again, a consistent trend has been noticed in its current pricing activity. Captain Faibik, a veteran cryptocurrency analyst and trader, has disclosed that BTC’s price activity revolves around a crucial chart formation, specifically the Falling Wedge shape.
A Falling Wedge shape is a bullish technical configuration indicating a possible price reversal after a sustained downward trend. It consists of two converging trend lines that decline.
Examining BTC’s present price behavior, Captain Faibik pointed out that the asset remains within the falling wedge structure and appears to be preparing for a bullish breakout. Bitcoin has sustained its position within this significant chart pattern despite recent price fluctuations, suggesting that a definitive movement may be imminent.
The Falling Wedge formation visible on the daily time frame chart has been developing for nearly four months. Even though the flagship asset might be poised for an upward breakout from the setup, the market authority expresses confidence that the price could touch the $80,000 mark before experiencing a breakout.
When the breakout takes place, Captain Faibik predicts BTC will surge significantly towards its existing all-time high of $109,000 in the coming weeks. Such a substantial increase is likely to revitalize the bull market cycle, which many currently believe has concluded or is nearing its conclusion.
Taking into account Captain Faibik’s earlier forecast, the highly anticipated bullish breakout is expected to occur within the next ten days. If the upward momentum continues after surpassing the $109,000 level, it could potentially drive Bitcoin to new all-time highs.
Bullish Strength Building for BTC
A bullish shift seems likely for BTC as numerous key indicators like the Relative Strength Index (RSI) and Bollinger Band are demonstrating positive trends. A recent study from IC News, an educational platform indicates that the RSI has surpassed a value of 52, suggesting that bulls are close to gaining full dominance. The line’s slope reveals a rise in demand for the leading asset.
Moreover, the Bollinger Band illustrates that Bitcoin’s price is nearing the upper band at the resistance level of $90,343. An upward movement by BTC above this resistance threshold will catalyze the continuation of the current bullish momentum. Nevertheless, IC News pointed out that a rejection at this stage could cause a retracement to $84,565 at the middle band and $78,788 at the lower band.
Featured image from Unsplash, chart from Tradingview.com
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