Bitcoin’s Bearish Days Over? BTC Price Eyes $78K Marks If This Breakout Takes Place
The post Bitcoin’s Bearish Days Over? BTC Price Eyes $78K Marks If This Breakout Takes Place appeared first on Coinpedia Fintech News
Bitcoin, the pioneer cryptocurrency is showing a sign of recovery after the sudden fall from $56,545. Meanwhile, bitcoin is bouncing back & is now hovering at $59,404 with a 4% surge in the last 24 hours.
The recent bullish momentum in Bitcoin hints at a potential rally ahead, suggesting that Bitcoin may have reached its local bottom. Top crypto traders are now eyeing a breakout above the critical $61,000 resistance level, with predictions that such a move could propel Bitcoin toward approximately $78,000.
Bitcoin Bulls Eyeing $78K Mark
In a recent tweet, prominent crypto trader Captain Faibik highlighted key levels and patterns influencing Bitcoin’s (BTC) short-term trajectory.
$BTC is Currently Bouncing back but Still moving inside the Falling Wedge pattern.
— Captain Faibik (@CryptoFaibik) May 3, 2024
Bitcoin bulls need to Surpass the $61k Resistance area to confirm an upside Breakout of the Wedge.
A successful breakout could Send Bitcoin towards $78k.#Crypto #Bitcoin #BTC pic.twitter.com/y4hxHloVqW
According to Captain Faibik’s technical analysis, Bitcoin is currently bouncing back from recent lows while remaining restricted within the Falling Wedge pattern, signaling potential bullish momentum. The Falling Wedge pattern is characterized by lower highs and lower lows, typically suggesting a potential bullish reversal when a breakout occurs.
However, traders suggest that Bitcoin bulls must overcome the crucial $61,000 resistance level to validate an upside breakout from this pattern. As per the analysis, a successful breach above $61k could pave the way for Bitcoin to target $78,000 in the near term.
BitMEX CEO Hints Bullish Rally
However, crypto trader Captain Faibik isn’t the only one predicting a bullish moment for Bitcoin. Former BitMEX CEO Arthur Hayes shares a similar sentiment, believing that Bitcoin has hit a local bottom and will gradually ascend over the next few months.
“Bitcoin will rally to above $60,000 and then remain rangebound between $60,000 and $70,000 until August.”
Hayes anticipates that crypto markets will steadily rise following the recent sell-off, driven by increased dollar liquidity resulting from the Federal Reserve’s quantitative tightening (QT) taper and the U.S. Treasury’s debt issuance plans. As of now, Bitcoin is trading at $59,804, showing a 4% surge in the last 24 hours.
