In light of the general market decline and pessimism, Captain Faibik, a cryptocurrency expert and enthusiast, has come out with an optimistic outlook for Bitcoin (BTC) predictable future trajectory, predicting that the crypto asset could soar to a new all-time high before the current month closes.
Bitcoin will hit a new all-time high in May
Faibiks analysis, based on his deep understanding of cryptocurrency dynamics and a keen eye for market trends, explores the possibility of a major short-term rise in Bitcoin. According to the analyst, Bitcoin is at a major crossroads that is currently retesting the daily Moving Average 100 (MA100) level after recovering from it in the past.
Historically, the crypto asset has found significant support at the 100MA level. Should BTC From this point, Captain Faibik recovers a significant positive increase in the coming days. He therefore expects digital assets to reach a new all-time high within the month.
The message read:
Last time BTC recovered from the daily MA100, and now it is testing it again. If the price bounces back from here, we can expect a bullish rally in the coming days. New All the High could be released this month
The crypto analyst noted that Bitcoin’s price action in the daily time frame also suggests that a bullish rise is on the horizon. Faibik stated that on the daily timeframe chart, BTC is still moving above the main trendline and within the green box indicated on his chart. As a result, the analyst expects BTC to make a quick comeback.
Related reading: If History Repeats Itself, Here’s How Bitcoin Price Will Perform Over the Next Six Months
Another notable finding from Captain Faibik is that the daily Relative Strength Index (RSI) has fallen below a trend line that has been present for several months. While this could indicate a brief decline in positive momentum, Faibik interprets this as a sign of an impending price recovery for Bitcoin. Considering that BTC is still moving within the bullish flag pattern, the expert expects a bounce back towards $68,000 in the coming days.
Price target of $100,000 for BTC
Captain Faibik’s most bullish target for BTC recently is the $100,000 price. Last week, Faibik pointed out major stories that could catalyze Bitcoin’s price to $100,000 in the coming months.
Furthermore, Faibik highlighted that BTC Bulls have firmly secured the weekly Exponential Moving Average (EMA) 10 following the Descending Channel breakout in October 2017. As a result, the crypto analyst sets $100,000 as the digital asset’s next price target.
After dropping more than 13% in the past seven days, Bitcoin’s price is currently trading at $57,701. Over the past day, the market capitalization has plummeted by more than 6%, while trading volume has increased by approximately 61%.
Featured image from iStock, chart from Tradingview.com
Disclaimer: The article is for educational purposes only. It does not represent NewsBTC’s views on buying, selling or holding investments and of course investing involves risks. You are advised to conduct your own research before making any investment decisions. Use the information on this website entirely at your own risk.