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Right now, the Bitcoin market stands at $68,697.16. A recent post by crypto expert Captain Faibik on X reveals that the market recently broke above a descending wedge pattern on the weekly chart and is currently retesting the breakout. Lets see what insights we can grab from this. Ready? Dive in!
Bitcoin Price Prediction
It was in late February that the market entered a Descending Wedge pattern. And, the market broke above the pattern in mid-October. During this period, the market saw a price change of +8.699%. A long bullish candlestick was formed in the second week of October. It was this bullish momentum that helped the market to break above the pattern.
As the expert points out, currently, the BTC market is retesting the breakout. This is an important phase. If the market sustains this phase by staying above the breakout line, it could add more strength to move further up.
BTC Price Predicted 30% Rally by November-December
The expert predicts that the Bitcoin market will see a 30% bullish rally between November and December. He even suggests a midterm target of $88,000.
Bitcoin has experienced a 10.8% surge over the last 30 days. On October 10, the BTC price was $60,327.61. Between October 11 and 29, the market recorded a 20.65% growth. On October 29, the market touched a monthly peak of $72,748.48. Since then, the price has declined by 5.67%. In the last seven days, the market has registered a 3.4% drop.
In conclusion, Captain Faibiks technical analysis paints an optimistic picture for Bitcoin as year-end approaches, aligning with the prevailing Bitcoin price prediction for the coming months.
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