Against the backdrop of the recent surge in Bitcoin’s value, well-known cryptocurrency analyst and trader Javon Marks, with an optimistic outlook, has predicted the price of BTC to rise by over 18%, sending prices to unprecedented heights following a bullish breakout from a bullish pennant pattern.
Bitcoin Next Move Could Reach $80,000s Range
This impending spike predicted by Javon Marks could propel BTC to new all-time highs and result in substantial gains, positioning the coin as a promising asset in the ever-evolving cryptocurrency world.
Last week, Javon Marks pointed out that Bitcoin, the largest crypto asset by market cap, was exhibiting mild indications of strength, Supported by a Bullish Pentacle formation.
This strength allowed for the confirmation of a bullish pattern that may drive prices into a bullish breakout. Should a breakout occur, Javon Marks anticipates a potential 17.1% surge in the asset’s price to the $80,000 range.
The post read:
Bitcoin (BTC) has just recently tested the Support of a Bullish Pennant pattern and is showing light signs of strength off of it. With this strength, a bullish pattern is confirmed that can lead prices into a bullish breakout. A break could result in a 17.1% push to $80,000+.
However, a few days later, the crypto analyst highlighted that Bitcoin was holding back from the bullish pennant pattern after pushing heavily off support. In reaction to this breakout, Javon Marks claims a potential near +18% increase for Bitcoin into the $80,000s could occur soon.
Meanwhile, today, the expert has confirmed the breakout from the bullish pennant pattern, reiterating his 18% price spike into the $80,000s level at a much faster pace.
Javon Marks appears to be very bullish about the crypto asset, as he predicts a move to $116,652 and beyond in another X post. The analyst claims the move to the price above level seems much more likely to happen from $69,225, and it will happen sooner rather than later than most people realize. “Something here is in the works, and it may be, right now, in its early stages of being unveiled,” the expert added.
Breakout From The Pattern After An 18-Day Consolidation
Javon Marks’s analysis aligns with cryptocurrency expert Captain Faibik’s outlook for the digital asset. Captain Faibik has also confirmed a breakout from the bullish pennant formation in BTC’s chart.
Faibik stated that BTC is breaking out of the pattern after undergoing a consolidation phase for over 18 days. As a result, he believes the coin could reach a new all-time high in the upcoming days.
At the time of writing, Bitcoin’s price has increased by 1.41% to $70,000, with a market capitalization of more than $1.38 trillion in the past day. Although BTC’s price is displaying a positive trend, its trading volume has decreased by over 8% in the past 24 hours.
Featured image from iStock, chart from Tradingview.com
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