The post Legendary Trader Says Bitcoin Could Hit $100K—But Only If It Breaks This Key Level appeared first on Coinpedia Fintech News
Bitcoin is at a make-or-break moment! For the past six months, the crypto king has been trapped in a tricky trading pattern called a Descending Broadening Wedge. Top trader Captain Faibik warns that breaking the crucial $69-70k resistance is key. If Bitcoin can push past this hurdle, it might just skyrocket to $100,000 by the end of the year!
Bitcoin Key Resistance At $69-70k
Captain Faibik, a well-known crypto trader, has recently shed light on Bitcoin’s current trading pattern. For the past six months, Bitcoin has been moving within a Descending Broadening Wedge pattern. Meanwhile, this pattern typically indicates a period of uncertainty, but as the price action continues within this wedge, the chances of a breakout increase.
$BTC Nothing has Changed yet..!!Bitcoin has been consolidating within a Descending Broadening Wedge for the past 6 Months.Breaking through the $69-70k Crucial Resistance level is essential for the bulls.In the last 4-5 attempts, Bulls have failed to clear this level, but… pic.twitter.com/hVyGwd6Tgt
— Captain Faibik (@CryptoFaibik) August 29, 2024
As per Faibik’s analysis, the key level to watch is the $69-70k resistance. Perhaps, this level has been a major hurdle for Bitcoin, with bulls failing to surpass it in their recent 4 to 5 attempts.
However, Faibik points out that this resistance is starting to weaken, which might set the stage for a successful breakout.
Bitcoin Bulls Eye $100k
If Bitcoin manages to break out of the Descending Broadening Wedge to the upside, Faibik suggests that it could easily reach $100,000 in the fourth quarter. This potential rally is based on technical indicators and the current weakening of the resistance level.
A Time for Patience
For now, Captain Faibik advises caution for those considering leverage trading, as the market conditions may not be ideal for high-risk strategies. Instead, he encourages long-term Bitcoin holders to sit back and relax, as the long-awaited Bitcoin bull run could be just around the corner.
With the resistance weakening and the potential for a breakout on the horizon, the next few months could be crucial for Bitcoin’s price action.
Bitcoin Price Struggling
Bitcoin’s price recently dropped below $60,000, reflecting the bearish market trend. This decline comes as spot Bitcoin ETFs experienced significant outflows, totaling $109.18 million as of August 28.
Aug 28 Update:10 #Bitcoin ETFsNetFlow: -1,861 $BTC(-$109.18M)#ARK21Shares outflows 1,643 $BTC($96.41M) and currently holds 46,366 $BTC($2.72B).9 #Ethereum ETFsNetFlow: -1,526 $ETH(-$3.79M)#Grayscale(ETHE) outflows 3,676 $ETH($9.14M) and currently holds 1,814,925… pic.twitter.com/DHAirGMaDH
— Lookonchain (@lookonchain) August 28, 2024
Among these, Ark & 21 Shares (ARKB) saw the largest outflow with $96.41 million, according to Lookonchain data.
As of now, Bitcoin is trading at $59,680, showing a slight price increase. Its market cap stands at $1.17 trillion, while Bitcoin’s dominance in the market has risen to 57.21%, up by 0.05% over the past day.
