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Bitcoin Momentum Builds, But Reclaiming $60,000 is Crucial, Says Analyst
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin’s Momentum Builds, But Reclaiming $60,000 is Crucial, Says Analyst

Samuel Edyme
Samuel Edyme
9 months ago
3 mins read
Bitcoin (BTC)

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Bitcoin continues to show volatility in the market, with bulls slowly gaining momentum, but key resistance levels remain a challenge.

$90,000 Is In Play, But This First

Renowned crypto analyst Captain Faibik recently shared his bullish outlook for Bitcoin, forecasting that the asset could touch $68,000 by the end of this month if it successfully reclaims the critical $60,000 level.

Faibik emphasized that a daily candle close above $60,000 would be crucial for pushing Bitcoin toward new highs by December.

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9 months ago

Faibik also highlighted the potential for a Broadening Wedge pattern breakout, which could push Bitcoin’s price to between $88,000 and $90,000 by the end of Q4.

Bitcoin price chart.
Bitcoin price chart. | Source: Captain Faibik

For context, a Broadening Wedge pattern typically signals increasing volatility and can indicate a possible reversal or continuation depending on market momentum. If Bitcoin breaks out of this pattern to the upside, as Faibik predicts, it could mark the next significant bullish run for the cryptocurrency.

$BTC Bulls are once again building Momentum , but Reclaiming the Crucial $60k level is key.

Once we get a Daily candle close above $60k, we could Potentially touch $68k by the end of this Month.

In Q4, I’m Expecting a Broadening Wedge Breakout to the upside, and Bitcoin could… pic.twitter.com/JAl1CZ49eX

— Captain Faibik 🐺 (@CryptoFaibik) September 13, 2024

Short To Macro Term Outlook On Bitcoin

Another renowned crypto analyst, Willy Woo, provided his take on the current market, sharing his short, medium and macro term outlook on Bitcoin’s bullish potential.

Woo suggests that while Bitcoin is not technically in a bear market, the digital asset is in a “re-accumulation” phase, a period of consolidation that could signal a potential move toward new all-time highs.

Woo emphasizes that, in the short term, a bullish swing could occur within the next 1-3 weeks, but more time is needed for Bitcoin to break above previous all-time highs.

As for the medium term, Woo pointed out that since the halving event in April, Bitcoin’s demand and supply signals have been bearish, though recent weeks have shown signs of a potential reversal. However, these signals are still “unconfirmed,” it could take more time for Bitcoin to push toward a new all-time high.

Bitcoin (BTC) price chart on TradingView
BTC price is moving upwards on the 2-hour chart. Source: BTC/USDT on TradingView.com

Moreover, macroeconomic conditions could significantly influence Bitcoin’s price movement. Woo referenced the dropping bond rates as a potential risk signal for traditional financial markets.

Related Reading

Bitcoin

Legendary Bitcoin Puell Multiple Finally Enters ‘Buy’ Territory

9 months ago

In past examples, such as the 2020 COVID-19 crash and the 2008 financial crisis, falling bond rates preceded crashes that were followed by liquidity-fueled rallies across all asset classes, including Bitcoin.

Should a similar pattern emerge, BTC could benefit from a broader liquidity rally, though the risk of short-term declines remains.

Featured image created with DALL-E, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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