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Amid the bearish pressure witnessed in the price of Bitcoin, Captain Faibik, a popular cryptocurrency analyst and trader, has identified the potential for a significant rebound that could send BTC to an unprecedented level before the end of April.
Bitcoin Might Be Poised For New Peak This Month
Bitcoin is presently exhibiting a downward pressure on low timeframes, falling to the $65,000 price level after briefly touching $71,000 on Monday. Despite the adverse price action, Captain Faibik is confident there will be an uptick in the price of BTC this month.
Captain Faibik’s analysis emphasizes Bitcoin’s bullish pennant formation on the 12-hour timeframe chart. According to the crypto expert, an upside breakout is anticipated later this week.
Should there be a successful breakout, as anticipated by the expert, Bitcoin might be poised to reach a new all-time high. As a result, Captain Faibik has set his price target around the $88,000 and $90,000 threshold this month. The post read:
BTC Bullish pennant formation on the 12hrs timeframe Chart. Expecting an upside Breakout later this Week. In case of a Successful Breakout, Bitcoin might hit $88,000-$90,000 this month.
The expert has also confirmed that the bullish pennant developed on the daily timeframe chart. Thus, the analyst is optimistic that the breakout will materialize soon.
The analyst has also identified some buying pressure on low timeframes, triggering momentum for the crypto asset. “BTC Bulls are defending the 4-hour Exponential Moving Average (EMA) 200 around $65,600 and bullish pennant also in play,” he stated.
However, for the Bitcoin bulls to regain momentum, they must reclaim the critical resistance level of $70,000. This suggests the bulls still have more work to do to reach the resistance level.
Currently, Bitcoin is trading at $66,125, with a decline of over 5% in the past 7 days. Its trading volume has plummeted by nearly 9% in the past day, while its market cap is slightly up by 0.81%.
Possible Correction On The Downtrend
While Faibik anticipates a recovery, some analysts are pessimistic about the asset’s movement and express worries about a potential pullback. One of the crypto experts who predicted a further correction in BTC is The Fomo Factory.
The expert discussed possible outcomes and provided several worrying price targets for the coin. According to the analyst, Bitcoin could drop to $60,000, representing strong support, and to the $52,000 and $56,000 Fibonacci retracement line.
The analyst further cautions against discounting a more significant retrace to the $48,000 and $42,000 region.
This prediction casts a shady ground for the largest cryptocurrency asset as the Bitcoin halving event approaches. However, given the previous impact on the coin’s price, there is hope for a rally in the short term.
Featured image from iStock, chart from Tradingview.com
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