Over the previous two weeks, the price of Bitcoin (BTC) has been steadily falling, which has fueled a general gloomy sentiment around the cryptocurrency industry. Despite the pessimism in the crypto market and around the flagship cryptocurrency, Captain Faibik, a popular cryptocurrency analyst and trader, has predicted a significant bullish wave for Bitcoin.
This anticipated upswing might provide BTC with much-needed relief, suggesting a potential recovery that defies the general negativity prevailing in the cryptocurrency world.
Bitcoin Set For Potential 40% Upsurge In The Short-Term
Captain Faibik’s analysis cites market trends and signs that indicate either a strong rebound or more declines for BTC could be imminent. He draws attention to Bitcoin’s capacity to overcome overhead resistance and find solid support at critical junctures, which might propel prices higher even while the general market sentiment stays cautious.
According to Captain Faibik, the digital asset’s price has been moving between the $60,000 and $70,000 support level and resistance levels for the past 4 months. Thus, the analyst claims until BTC breaks either of these levels, it is best to wait and observe its movement as no firm conclusions can be made at this point, noting that trading is a game of patience.
In the event of a successful breakout above the $70,000 resistance level, Captain Faibik believes that the digital asset could undergo a bullish wave between 30 to 40% in the upcoming weeks.
However, should Bitcoin breach below both the weekly Exponential Moving Average (EMA) 21 levels and the $60,000 horizontal support level, it might witness a deeper correction to hit the $50,000 threshold in the upcoming weeks.
Thus far, Captain Faibik has pointed out that Bitcoin bulls are in total control of the market as long as the crypto asset stays inside the green box indicated in his chart, which implies that it is in a secure zone.
Overall, the expert’s prognosis advises investors and traders to stay cautious and take into account the possibility of a bullish rebound amidst the general bearish market movement.
Heightened BTC Accumulation Could Trigger A Downward Pressure
With BTC demonstrating negative price movements, well-known cryptocurrency analyst Ali Martinez has also offered insights on the trend, highlighting that BTC could see more downward pressure.
Martinez’s insights are based on the significant BTC accumulations seen during the weekend, which could trigger an extended decline. According to Martinez, about 3.03 million BTC were acquired by approximately 5.45 million addresses between $64,300 and $70,800.
Related Reading: Support Turns Resistance: Bitcoin Retests $64,515 After Break – Will It Hold?
The analyst believes that this accumulation could create a substantial supply hurdle for the crypto asset, raising the potential for a sharp decline. Should BTC’s price continue to decline, these holders may sell to reduce their losses, possibly leading to a persistent downward pressure.
Given BTC is currently trading below the aforementioned level, it appears Martinez’s prediction is gradually coming to light, with the asset’s market cap experiencing an over 4% decline in the past 24 hours.
Featured image from iStock, chart from Tradingview.com
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