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Mustafa Mulla
Mustafa Mulla
Author
Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.
- May 03, 2024 08:03 UTC
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Bitcoin Bulls Are Back! Analyst Predicts Breakout and Bullish Run to $78K
After a fall, Bitcoin is bouncing back and is now at $59,404 with a potential for further rise.
Analysts believe Bitcoin may have bottomed out and could surge to $78,000 if it breaks above $61,000 resistance.
Top crypto traders predict Bitcoin will rise in the coming months due to increased dollar liquidity.
Bitcoin, the original cryptocurrency, is bouncing back after a dip from $56,545, now sitting at $59,404 after a 4% surge in 24 hours.
The recent positive movement in Bitcoin suggests a potential upswing ahead, signaling it might have reached a temporary low. Seasoned crypto traders are aiming to break the crucial $61,000 resistance level, eyeing a possible climb to around $78,000.
Insights from Experts
In a recent tweet, prominent crypto trader Captain Faibik highlighted key levels and patterns influencing Bitcoin’s (BTC) short-term trajectory.
According to Captain Faibik’s technical analysis, Bitcoin is currently bouncing back from recent lows while remaining restricted within the Falling Wedge pattern, signaling potential bullish momentum. The Falling Wedge pattern is characterized by lower highs and lower lows, typically suggesting a potential bullish reversal when a breakout occurs.
Experts warn that Bitcoin bulls need to surpass the $61,000 hurdle to confirm an upward breakout. If achieved, projections hint at a potential surge toward $78,000 soon.
The Future is Bullish!
However, crypto trader Captain Faibik isn’t the only one predicting a bullish moment for Bitcoin. Former BitMEX CEO Arthur Hayes shares a similar sentiment, believing that Bitcoin has hit a local bottom and will gradually ascend over the next few months.
“Bitcoin will rally to above $60,000 and then remain rangebound between $60,000 and $70,000 until August.”
What Lies Ahead?
Hayes credits the expected market surge to increased dollar liquidity from the Federal Reserve’s quantitative tightening (QT) taper and the U.S. Treasury’s debt issuance plans. As of now, Bitcoin is trading at $59,804, showing a commendable 4% surge in the last 24 hours.
Crypto on the rise again! Bullish or bearish – what’s your outlook for Bitcoin?
Also Check Out : Crypto Market Analysis: Here’s How Whale Investors Are Impacting Your Portfolio!
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