Here’s When Bitcoin Price Will Pump to $100K as BTC Chart Signals Rally
Release: 2024/08/29 19:30 Reading: 701
Bitcoin Consolidates with Bullish Breakout Potential
According to crypto analyst Captain Faibik, Bitcoin has been trading within a Descending Broadening Wedge pattern for the past six months. The pattern indicates resistance around the $69k to $70k level. Despite multiple failed attempts to break above this resistance, Faibik suggests it may be weakening, increasing the likelihood of a successful breakout.
Technical Analysis
The Descending Broadening Wedge pattern consists of diverging trendlines, signaling potential reversal. Bitcoin has maintained support at the lower trendline, while the upper trendline represents resistance. Repeated tests of the $69k to $70k level have weakened its strength.
Bullish Sentiment
Faibik predicts that a successful breakout could propel Bitcoin to $100,000 in Q4. This prediction is based on technical weakening of the resistance and growing bullish sentiment.
Trading Considerations
Traders are advised to exercise caution, especially with leverage trading. Volatility near key resistance levels could result in significant losses. Long-term Bitcoin holders should remain optimistic and patient, as the waning resistance suggests the possibility of a strong bull run.
Awaiting Breakout
Bitcoin remains at a critical juncture, consolidating within the Descending Broadening Wedge. If the resistance level at $69,000 to $70,000 breaks, Bitcoin could reach the highly anticipated $100,000 mark in Q4.
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