Bitcoin To Soar By 40%: Analyst Predicts Strong Bullish Wave, Here’s How

In the past two weeks, Bitcoin Bitcoin (BTC) has been steadily declining, fueling a gloomy sentiment throughout the cryptocurrency industry. Despite the gloominess towards the cryptocurrency market and leading cryptocurrencies, Captain Fivick, a popular cryptocurrency analyst and trader, predicts a major bullish wave for Bitcoin.

This expected rise could provide BTC with some much-needed relief and signal a potential recovery defying the prevailing negativity in the cryptocurrency world.

Bitcoin could rise 40% in the short term

Captain Fibic’s analysis He cites market trends and signs that suggest a strong bounce or further decline for BTC is imminent. He is focusing on Bitcoin’s ability to overcome overhead resistance and find solid support at key junctures, which could drive the price higher even as overall market sentiment remains cautious.

According to Captain Fivick, the digital asset’s price has been fluctuating between the support and resistance levels of $60,000 and $70,000 for the past four months. Therefore, the analyst points out that until BTC breaks through one of these levels, trading is a game of patience, arguing that it is best to wait and observe the movement as no firm conclusions can be made at this point.

Captain Fijvik believes that if it manages to break out of the $70,000 resistance level, the digital asset could experience a bullish surge of 30-40% in the coming weeks.

BTC Prepares for 40% Bull Wave | Source: Captain Phybic of X

However, if Bitcoin falls below both the weekly exponential moving average (EMA) 21 level and the horizontal support level of $60,000, it could experience a more severe correction to reach the $50,000 threshold in the coming weeks.

Until now, Captain Fibic has Bitcoin Bulls As long as the cryptocurrency stays within the green box shown on his chart, he has complete control over the market, which means that the cryptocurrency is in a safe zone.

Overall, expert predictions advise investors and traders to remain vigilant and consider the possibility of a bullish bounce amid the overall market weakness.

Rising BTC accumulation could cause downward pressure

As BTC continues to show negative price fluctuations, well-known cryptocurrency analyst Ali Martinez has also offered his insight into the trend. Highlighting BTC may face further downward pressure.

Martinez’s insight is important. Bitcoin There was an accumulation over the weekend that could trigger a longer-term decline. According to Martinez, around 5.45 million addresses acquired around 3.03 million BTC between $64,300 and $70,800.

Related Article: Support turns into resistance: Bitcoin retests $64,515 after break – will it hold?

Analysts believe that this accumulation could create a significant hurdle for the supply of the cryptocurrency, increasing the likelihood of a sudden drop. If the price of BTC continues to fall, these Owner They may sell to cut losses, which could lead to sustained downward pressure.

Considering BTC is currently trading below the aforementioned levels, with the asset’s market cap falling by over 4% in the past 24 hours, Martinez’s prediction appears to be slowly coming true.

Bitcoin
BTC is trading at $60,938 on 1D chart | Source: BTCUSDT Trading View

Featured image from iStock, chart from Tradingview.com

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