Amidst market uncertainty, Captain Faibik, a renowned cryptocurrency expert, is boldly predicting a bright future for Bitcoin (BTC). He anticipates that Bitcoin could soar to new record highs by the end of this month, defying the prevailing pessimism in the market.
Embracing Optimism: Bitcoin’s Ascension to New Heights
Based on his profound understanding of cryptocurrency dynamics and keen market insights, Faibik’s analysis elucidates a potential short-term surge in Bitcoin. He asserts that Bitcoin is at a critical juncture as it tests the daily Moving Average 100 (MA100) level, hinting at a promising upward trajectory.
Faibik highlights Bitcoin’s historical reliance on the 100MA level for support. Should BTC stage a rebound from this level, Faibik envisions a substantial upward trend in the days ahead, culminating in a new all-time high before the month concludes.
In his own words:
Last time, BTC bounced back from the daily MA100, and now it is testing it again. If it bounces back from here, we can expect a Bullish Rally in the coming days. New All the High could be incoming this month
Notably, Faibik observes bullish signals in Bitcoin’s daily price movements, indicating an imminent uptrend. With BTC still adhering to the major trendline and enclosed within the green box on his chart, Faibik predicts a swift recovery for Bitcoin.
Related Reading: If History Repeats, This Is How Bitcoin Price Will Perform In The Next 6 Months
Furthermore, Faibik points out that the daily Relative Strength Index (RSI) has dipped below a longstanding trendline, potentially signaling a temporary dip in momentum. However, he interprets this as a prelude to Bitcoin’s price resurgence, especially considering BTC’s bullish flag pattern. Faibik foresees a rebound towards $68,000 in the near future.
Setting Sights on $100,000: Faibik’s Bullish BTC Forecast
Faibik’s most ambitious price target for BTC stands at $100,000. Recently, he outlined critical factors that could propel Bitcoin to this lofty milestone in the coming months.
Drawing attention to BTC Bulls securing the weekly Exponential Moving Average (EMA) 10 post-October 2017 Descending Channel breakout, Faibik is optimistic about Bitcoin’s trajectory, setting $100,000 as the digital asset’s next price goal.
Despite a recent 13% decline over the past week, Bitcoin is currently priced at $57,701. In the last 24 hours, its market cap has diminished by over 6%, while trading volume has surged by about 61%.
Featured image from iStock, chart from Tradingview.com
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