Bitcoin Could Be Heading to $70,000
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The price chart shared by the analyst shows Bitcoin’s price fluctuations in detail since the beginning of 2024. A descending trend line and the price movement formed after breaking this trend line are noteworthy. Captain Faibik’s chart shows that Bitcoin consolidated between two descending trend lines after this breakout, tested the lower descending trend line during the major drop on August 5, and now indicates a strong recovery towards the $70,000 level.
The descending trend lines seen in the chart indicate that Bitcoin’s price has been consistently declining for a certain period. When this downtrend ends, the price is observed to enter an upward trend. Captain Faibik emphasized the importance of this breakout and highlighted the possibility of the rise continuing.
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