Bitcoin continues to show volatility in the market, with bulls slowly gaining momentum, but key resistance levels remain a challenge.
There’s $90,000 in the game, but first
Renowned crypto analyst Captain Faibik recently shared his bullish prospects for Bitcoin, predicting that its value could reach $68,000 by the end of this month if it successfully regains the critical $60,000 level.
Faibik emphasized that a daily candle above $60,000 would be crucial in pushing Bitcoin to new highs by December.
Faibik also highlighted the potential for a breakout of the Broadening Wedge pattern, which could see Bitcoin’s price rise between $88,000 and $90,000 by the end of the fourth quarter.
For context, a Broadening Wedge pattern generally indicates increasing volatility and can indicate a possible reversal or continuation depending on market momentum. If Bitcoin breaks this pattern positively, as Faibik predicts, it could mark the next major bullish run for the cryptocurrency.
$BTC Bulls are building momentum again, but regaining the crucial $60k level is crucial.
Once we get a daily candle above $60,000, we could potentially reach $68,000 by the end of this month.
In the fourth quarter, I expect a broader wedge breakout to the upside, and Bitcoin could… pic.twitter.com/JAl1CZ49eX
— Captain Faibik
(@CryptoFaibik) September 13, 2024
Short to macro term outlook on Bitcoin
Another renowned crypto analyst, Willy Woo, as long as his view on the current market and shares his short-, medium- and macro-term views on Bitcoin’s bullish potential.
Woo suggests that while Bitcoin is not technically in a bear market, the digital asset is in a “reaccumulation” phase, a period of consolidation that could signal a potential move to new all-time highs.
Woo emphasizes that in the short term, a bullish swing could occur within the next 1-3 weeks, but more time is needed for Bitcoin to rise above previous record highs.
In terms of the medium term, Woo pointed out that Bitcoin’s supply and demand signals have been bearish since the April halving, although recent weeks have shown signs of a possible reversal. However, these signals are still ‘unconfirmed’. It may take longer for Bitcoin to reach a new all-time high.
Furthermore, macroeconomic conditions can significantly influence Bitcoin’s price movement. Woo called falling bond yields a potential risk signal for traditional financial markets.
In past examples such as the COVID-19 crash of 2020 and the financial crisis of 2008, falling bond yields preceded crashes that were followed by liquidity-fueled rallies across all asset classes, including Bitcoin.
Should a similar pattern emerge, BTC could benefit from a broader liquidity rally, although the risk of near-term declines remains.
Featured image created with DALL-E, Chart from TradingView
