Bitcoin’s meteoric rise: Analyst predicts $90,000 milestone in April
Popular cryptocurrency trader and analyst Captain Faibik saw opportunity for a big rebound that could push Bitcoin to an all-time high by the end of April amidst the bearish pressure on the price of the cryptocurrency.
Short-term downward pressure is currently evident in the price of bitcoin, which has dropped to $65,000 from a brief high of $71,000 on Monday. Captain Faibik believes that this month will see an increase in the price of Bitcoin despite the unfavourable price development.
According to Captain Faibik's research, the 12-hour chart is showing the construction of a bullish Bitcoin pennant. The cryptocurrency specialist predicts an upward breakout for later this week.
If the expert's prediction of a successful breakthrough comes to pass, Bitcoin may be about to reach a new all-time high. Captain Faibik has therefore decided to target prices this month between $88,000 and $90,000. The text read as follows:
Additionally, the expert attested to the development of the bullish pennant on the daily chart. The analyst is therefore hopeful that the breakout will occur shortly.
Additionally, the analyst saw some purchasing pressure on brief time frames, which gave the cryptocurrency asset impetus. According to him, "a bullish pennant is also in play, and BTC bulls are defending the 200 4-hour exponential moving average (EMA) around $65,600."
But in order for proponents of Bitcoin to get back on track, they must take back the crucial $70,000 resistance level. It seems that there is still work for the bulls to do in order to break through the barrier level.
At $66,125, Bitcoin is currently trading down over 5% over the previous seven days. Over the last day, its market capitalization has increased somewhat by 0.81%, but its trading volume has decreased by over 9%.
Although Faibik believes that the asset will recover, some analysts are more negative about the asset's trajectory and voice concerns about a potential downturn. The Fomo Factory is one of the cryptocurrency analysts who foresaw another BTC correction.
The analyst gave many alarming price projections for the coin and talked about potential scenarios. The analyst predicts that Bitcoin may drop as low as $60,000, which would be a solid support level, as well as to the $52,000 and $56,000 Fibonacci retracement lines.
The analyst goes on to caution against ruling out a more significant retracement into the $48,000–$42,000 area.
When the Bitcoin halving event draws near, this projection paints a bleak picture for the biggest digital asset. Nonetheless, there is optimism for a short-term recovery considering the prior impact on the coin's price.