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

Bitcoin continues to display volatility as bulls gradually gain strength, but key resistance levels remain obstacles.

$90,000 Could Be on the Horizon, but First...

- Renowned crypto analyst Captain Faibik recently shared a bullish outlook for Bitcoin, predicting the asset could reach $68,000 by the end of the month if it can reclaim the critical $60,000 level.

- Faibik stressed that a daily candle close above $60,000 would be pivotal for Bitcoin to push towards new highs by December. He also noted the potential for a breakout from a Broadening Wedge pattern, which could drive Bitcoin’s price to $88,000 - $90,000 by the end of #Q4 .

- A Broadening Wedge pattern often signals increasing market volatility and can lead to either a reversal or continuation, depending on momentum. If Bitcoin breaks upward as Faibik predicts, it could spark the next major bullish run for the cryptocurrency.

Bitcoin’s Short to Macro-Term Outlook

- #CryptoAnalyst Willy Woo offered his perspective on Bitcoin’s market trajectory, sharing short, medium, and macro-term insights on its bullish potential.

- Woo believes that while Bitcoin isn’t in a bear market, it's currently in a re-accumulation phase—a consolidation period that could lead to a push toward new all-time highs.

- In the short term, Woo expects a bullish move within the next 1-3 weeks, though more time is needed for Bitcoin to surpass its previous highs.

- Regarding the medium term, Woo highlighted that since the April halving, Bitcoin's demand and supply signals have been bearish. However, recent signs suggest a potential reversal, although these indicators are still "unconfirmed." A more significant move toward a new all-time high could take time.

- Macroeconomic factors could impact Bitcoin's price, as falling bond rates have historically preceded market crashes followed by liquidity-driven rallies, including in Bitcoin. While a similar pattern might boost Bitcoin, short-term declines remain possible.

Source - newsbtc.com