Bitcoin’s Bull Run Coming: Top Analyst Predicts $76k Target Amid Falling Wedge Formation
The post Bitcoin’s Bull Run Coming: Top Analyst Predicts $76k Target Amid Falling Wedge Formation appeared first on Coinpedia Fintech News
The world’s largest cryptocurrency was close to breaking a crucial support level at $60,000, indicating possible further price drops. Despite this, Bitcoin has demonstrated resilience, showing signs of rebounding from its recent losses.
Meanwhile, renowned analysts have identified a key technical pattern in Bitcoin’s daily timeframe chart suggesting a bullish rally toward $76,610. As of now, the Bitcoin price is holding steady at around $61,030, reflecting a modest increase of 0.5% over the past 24 hours.
If Bitcoin Breaks $64K, Next $76K
Ali Martinez, a prominent crypto chart analyst, has identified a crucial level for Bitcoin’s price at $64,290 movement. This level represents a key support zone that has historical significance in Bitcoin’s price action.
Martinez’s analysis suggests that if Bitcoin successfully establishes this level as support, it opens the path toward a potential rally towards $76,610, indicating strong bullish momentum.
However, failure to reclaim $64,290 could lead to a bearish scenario, with Bitcoin potentially revisiting support at $51,970. Martinez’s analysis highlights the technical intricacies of Bitcoin’s price movement, emphasizing the importance of monitoring these critical levels for insights into the cryptocurrency’s short-term trajectory.
Bitcoin’s Potential Breakout Soon
Cryptocurrency analyst Captain Faibik has identified a significant technical pattern on Bitcoin’s daily timeframe chart. According to Faibik’s analysis, Bitcoin is currently forming a “Falling Wedge” pattern, a bullish continuation pattern in technical analysis.
$BTC Falling Wedge formation on the Daily timeframe Chart is still in play..!!
— Captain Faibik (@CryptoFaibik) May 12, 2024
Expecting Upside Breakout next week..#Crypto #Bitcoin #BTC pic.twitter.com/KgVM4xY2F2
The Falling Wedge pattern suggests a period of consolidation where the price contracts between two converging trendlines, forming lower highs and lower lows. This pattern often indicates a temporary pause in the downtrend and can precede a bullish breakout.
Captain Faibik predicts an upside breakout for Bitcoin from this Falling Wedge formation, indicating a potential upward movement in the coming week. This breakout could mark a reversal of Bitcoin’s recent downtrend and initiate renewed bullish momentum.
