The post Bitcoin Breakout Alert: Can BTC Smash $68K? Here’s What Popular Analyst Says appeared first on Coinpedia Fintech News
Bitcoin is showing signs of hope after being stuck in a cycle of lower highs and lows. Recently, it surged above $66,000 for the first time in five weeks, hitting $66,397! With the Crypto Fear and Greed Index now at 64, we’re officially in the “greed” zone.
Popular crypto analyst Captain Faibik, Bitcoin bulls are taking charge, and a breakthrough at the $68,000 resistance could see prices soar to between $88,000 and $90,000 by December. But beware—experts warn of potential corrections.
BTC To Break $68k Resistance!
According to renowned crypto analyst Captain Faibik, Bitcoin (BTC) bulls are currently dominating the market. As Bitcoin is nearing a crucial $68,000 resistance, the sentiment in the market is leaning toward optimism.
If bulls manage to reclaim this level and break out of the broadening wedge pattern, it could lead to significant gains for Bitcoin. This breakout would signal a strong bullish momentum, potentially elevating BTC to the range of $88,000 and $90,000 by the end of December.
Perhaps, on the flip side Captain Faibik also warns that if the bulls fail to clear the resistance or if a fakeout occurs from the broadening wedge, Bitcoin may need to revisit the support zone around $57,000. This makes the upcoming days critical for BTC traders.
Caution: Possible Correction Ahead
Adding to the complexity, prominent crypto analyst Ali Martinez recently highlighted that Bitcoin might face a brief price correction. Eventually, the TD Sequential indicator on the BTC 4-hour chart is flashing a sell signal, suggesting that traders should be on alert for potential downward movements.
Bitcoin Price Analysis
Right now, Bitcoin is trading at around $65,867, showing a small rise in the last 24 hours. With a market cap of $1.30 trillion, the buzz is strong!
The 50-day moving average (MA) is a key short-term signal for how people feel about the market, while the 200-day MA shows the long-term trend. Both are pointing to the good news: Bitcoin is still in a bullish zone!
If Bitcoin can stay above $65,000 this week, it might just be gearing up for a big leap toward the $70,000 mark. Are you ready for the ride?