- The price trajectory of Bitcoin (BTC) has been notably declining over the past two weeks, casting a shadow of pessimism across the crypto market.
- However, the prevalent bearish sentiment in the market hasn’t deterred Captain Faibik, a well-regarded cryptocurrency analyst and trader, from forecasting a bullish trend for Bitcoin.
- He anticipates an upward surge that could provide the much-needed relief for BTC, countering the current negative sentiments in the crypto sphere.
Bitcoin’s potential for a significant rebound against bearish market trends highlights the ongoing volatility and unpredictable nature of the cryptocurrency market.
Bitcoin Set For Potential 40% Upsurge In The Short-Term
Market trends and key indicators used by Captain Faibik suggest an imminent strong rebound or further declines for BTC. He points out Bitcoin’s ability to break through overhead resistance and stabilize at crucial support levels, potentially driving prices higher despite the overall cautious market sentiment.
Captain Faibik has observed Bitcoin fluctuating between the $60,000 and $70,000 support and resistance levels for the past four months. He advises waiting for BTC to break through these levels before drawing any firm conclusions, emphasizing that trading requires patience.
If Bitcoin successfully breaks above the $70,000 resistance, Captain Faibik predicts a bullish surge of 30 to 40% in the coming weeks.
Conversely, if Bitcoin falls below the weekly Exponential Moving Average (EMA) of 21 and the $60,000 support level, a deeper correction down to $50,000 could occur.
Despite this, Captain Faibik asserts that Bitcoin bulls remain in control as long as the cryptocurrency stays within the green zone on his chart, indicating a safe zone for BTC.
Heightened BTC Accumulation Could Trigger A Downward Pressure
Ali Martinez, another renowned cryptocurrency analyst, has noted that BTC’s negative price movement could continue due to significant accumulation, which might trigger extended declines.
Martinez highlights that approximately 5.45 million addresses acquired around 3.03 million BTC between $64,300 and $70,800. This accumulation could create a substantial supply barrier, potentially leading to further price drops.
If BTC’s price continues to fall, these holders might sell to cut their losses, which could exert ongoing downward pressure.
Currently, with BTC trading below the mentioned levels, Martinez’s prediction seems to be materializing, as evidenced by a market cap drop of over 4% in the past 24 hours.
Conclusion
The crypto market continues to exhibit high volatility and unpredictability. Both bullish and bearish scenarios presented by analysts like Captain Faibik and Ali Martinez highlight the importance of caution and patience for investors. With Bitcoin’s price movement being critical at this stage, traders must watch key levels to strategize their next moves effectively.
