The general cryptocurrency sector might be poised for a pivotal moment as Bitcoin, the largest digital asset is setting its sights on hitting historic highs in the midst of increasingly optimistic market sentiment. Bitcoin’s price has demonstrated resilience after a period of consistent accumulation and improved macroeconomic conditions, moving closer to significant resistance levels.
Bullish Momentum Pushes Bitcoin Toward Previous Peak
Following a recent price rebound, Bitcoin has performed remarkably, attracting the attention and interest of both retail and institutional investors. Considering the current movement of BTC, seasoned market expert and trader, Captain Faibik, claims that the crypto asset could hit a new all-time high soon, citing key market indicators and robust investor optimism.
Captain Faibik’s prediction is solely attributed to a breakout from a crucial chart formation, particularly a Descending Broadening Wedge pattern. This key formation, which is measured to be a reversal pattern, could serve as the trigger for BTC’s much-anticipated bull run in the ongoing bull cycle.
According to the expert, the flagship crypto asset has finally broken out of the bullish pattern after consolidating for the past 8 months. As a result, Captain Faibik believes that the path to a new all-time high is clear, demonstrating his confidence in BTC’s short and long-term potential.
With BTC’s breaking out of the descending broadening wedge pattern, the analyst has placed his mid-term target at the $100,000 price level. “I still hold a $100,000 target in the midterm, depending on how the situation unfolds,” he added.
However, in the meantime, Captain Faibik’s immediate price target for the digital asset is currently positioned between the $88,000 and $90,000 threshold, which he most likely expects by the end of November or the beginning of December.
Furthermore, the expert’s forecast is now being backed by another crucial upside breakout from an Ascending Triangle pattern. Captain Faibik cited and confirmed the positive development on BTC’s monthly time frame chart, further fueling the asset’s renewed price momentum. This breakout suggests renewed pressure for the digital asset to shatter more resistance levels.
BTC’s Renewed Price Strength Slowing Down?
Since the start of this week, Bitcoin has been on an upward trend, reaching several levels not seen in the past few months. The crypto asset is currently valued at $72,300 after hitting the pivotal $73,000 level on Tuesday, according to data from CoinMarketCap.
In the 1-week and 1-month time frame, BTC is demonstrating an over 7% and 13% increase respectively, with a market dominance level of 59%, indicating that market players are majorly bullish on BTC.
While BTC has grown rapidly these past few days, there is a potential for profit-taking, which could impact prices and lead to a correction. Bulls seem to be leaving the market as BTC’s trading volume in the last 24 hours has declined to nearly 30%.
