Amid the downward pressure seen on Bitcoin price, Captain Faibik, a popular cryptocurrency analyst and trader, has identified the potential for a significant rally that could take BTC to unprecedented levels before the end of April.
Bitcoin could be poised for a new high this month
Bitcoin is currently showing bearish pressure on low time frames, falling to the $65,000 price level after briefly hitting $71,000 on Monday. Despite the unfavorable price development, Captain Faibik is confident that there will be an increase in the BTC price this month.
Captain Faibik’s analysis highlights Bitcoin’s bullish pennant formation on the 12-hour timeframe chart. According to the crypto expert, an upward breakthrough is expected this week.
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If there is a successful breakout, as the expert expects, Bitcoin could be on the verge of reaching a new all-time high. For this reason, Captain Faibik has set his price target for this month at the threshold of $88,000 to $90,000. The post read:
BTC bullish pennant formation on the 12-hour timeframe chart. We expect an upside breakout later this week. In the event of a successful breakout, Bitcoin could reach $88,000-$90,000 this month.
The expert also confirmed that a bullish pennant has developed on the daily time frame chart. Therefore, the analyst is optimistic that the breakout will happen soon.
The analyst has also noted that there is some buying pressure in short time frames, adding momentum to the crypto asset. “BTC bulls are defending the 200 4-hour EMA (Exponential Moving Average) at around $65,600, and a bullish pennant is also in play,” he explained.
However, for Bitcoin bulls to regain momentum, they need to recapture the critical resistance level at $70,000. This suggests that the bulls still have more work to do to reach the resistance level.
Currently, Bitcoin is trading at $66,125, with a decline of over 5% in the last 7 days. Its trading volume has fallen by almost 9% over the past day, while its market capitalization has increased slightly by 0.81%.
Possible correction of the downtrend
While Faibik expects a recovery, some analysts are pessimistic about the asset's performance and express concerns about a possible decline. One of the crypto experts who predicted another correction in BTC is The Fomo Factory.
The expert discussed possible outcomes and cited several worrying price targets for the coin. According to the analyst, Bitcoin could fall to $60,000, which is a strong support, and to the Fibonacci retracement lines of $52,000 and $56,000.
The analyst also warns against factoring in a sharper decline into the $48,000 and $42,000 regions.
This prediction casts shadows on the largest cryptocurrency asset as the Bitcoin halving approaches. However, given the impact on the coin price so far, there is hope for a short-term recovery.
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