Bitcoin Chess Concept, Bitcoin Cryptocurrency Concept, King Chess Bitcoin Strategy
Amid bearish pressure on Bitcoin prices, popular crypto analyst and trader Captain Fybic said: identified A significant rebound is possible and BTC could reach unprecedented levels by the end of April.
Bitcoin could hit a new peak this month
Bitcoin is currently Downward pressure on lower time frames, It briefly reached $71,000 on Monday before falling to the $65,000 price level. Despite the unfavorable price action, Captain Fibig is confident that BTC price will rise this month.
Captain Fibig’s analysis highlights Bitcoin’s bullish pennant formation on the 12-hour chart. Cryptocurrency experts say a breakout is expected later this week.
If the breakout is successful, as experts predict, Bitcoin could be poised to hit new all-time highs. As a result, Captain Fibig this month set his price target near the $88,000 and $90,000 thresholds. The post read:
BTC bullish pennant formation on 12-hour chart. An upward breakout is expected later this week. If the breakout is successful, Bitcoin could reach $88,000 to $90,000 this month.
Experts also confirmed the development of a bullish pennant on the daily and hourly charts. Therefore, analysts are optimistic that a breakout will materialize soon.
Analysts also identified buying pressure on shorter time frames, sparking momentum in crypto assets. “The bullish pennant is also in play as the BTC bulls are defending the 200 4-hour exponential moving average (EMA) around $65,600,” he said.
However, for Bitcoin bulls to regain momentum, they need to regain the key resistance level of $70,000. This suggests that the bulls still have work to do to reach the resistance level.
the current, Bitcoin is trading at $66,125, down more than 5% in the past seven days. The company’s trading volume plunged nearly 9% over the past day, while its market capitalization rose slightly by 0.81%.
Possible correction in a downtrend
Although Fibic expects a recovery, some analysts are pessimistic about the asset's movement and have expressed concerns about a possible decline. One of the crypto experts who predicted further correction in BTC is The Fomo Factory.
Expert Discussed We have predicted the likely outcome and provided some concerning price targets for the coin. According to the analyst, Bitcoin could fall to strong support at $60,000 and fall to the Fibonacci retracement lines of $52,000 and $56,000.
The analyst also cautioned against discounting a deeper retrace to the $48,000 and $42,000 area.
This prediction casts murky ground for the largest cryptocurrency asset. Bitcoin halving The event approaches. However, given the previous impact on the coin's price, there is hope for it to rise in the short term.
Featured image from iStock, chart from Tradingview.com
