Bitcoin continues to exhibit significant volatility in the market. While bullish momentum is slowly building, key resistance levels remain a formidable challenge. Renowned crypto analysts are providing insights that could help understand Bitcoin’s future trajectory.
$90,000 Is In Play, But This First
Renowned crypto analyst Captain Faibik has shared a bullish outlook for Bitcoin, predicting that the asset could reach $68,000 by the end of this month, provided it successfully reclaims the crucial $60,000 level. Faibik emphasizes that a daily candle close above $60,000 is essential for Bitcoin to push toward new highs by December.
Additionally, Faibik highlighted the potential for a Broadening Wedge pattern breakout, which could drive Bitcoin’s price to between $88,000 and $90,000 by the end of Q4. For context, a Broadening Wedge pattern typically signals increasing volatility and can indicate a possible reversal or continuation, depending on market momentum. Should Bitcoin break out of this pattern to the upside, as Faibik predicts, it could mark the next significant bullish run for the cryptocurrency.
Faibik’s tweet further elaborates:
$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…
Short To Macro Term Outlook On Bitcoin
Another renowned crypto analyst, Willy Woo, has provided his perspective 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 currently in a “re-accumulation” phase, a period of consolidation that could signal a potential move toward new all-time highs.
Short-Term Outlook
In the short term, Woo suggests that a bullish swing could occur within the next 1-3 weeks. However, more time is needed for Bitcoin to break above its previous all-time highs. Woo emphasizes the importance of observing market signals closely during this period.
Medium-Term Outlook
Regarding the medium term, Woo points out that since the halving event in April, Bitcoin’s demand and supply signals have been bearish. However, recent weeks have shown signs of a potential reversal. Despite these signals being “unconfirmed,” Woo believes it could take more time for Bitcoin to push toward a new all-time high.
Macro-Term Outlook
On a macro level, Woo highlights that macroeconomic conditions could significantly influence Bitcoin’s price movement. He references the dropping bond rates as a potential risk signal for traditional financial markets. Historical examples, such as the 2020 COVID-19 crash and the 2008 financial crisis, show that falling bond rates preceded crashes followed by liquidity-fueled rallies across all asset classes, including Bitcoin.
Should a similar pattern emerge, Bitcoin could benefit from a broader liquidity rally, although the risk of short-term declines remains. Investors must stay vigilant and consider both short-term and macroeconomic factors when making investment decisions.
