Bitcoin Bulls Are Back! Analyst Forecasts Breakout and Bullish Surge Towards $78K
Bitcoin is staging a remarkable recovery, currently sitting at $59,404 with the potential for further gains. Analysts are optimistic that if Bitcoin can break above the $61,000 resistance level, it could surge to $78,000. Top crypto traders are confident in Bitcoin’s upward trajectory, attributing it to increased dollar liquidity.
The original cryptocurrency, Bitcoin, is rebounding after a slight dip from $56,545, and now stands at $59,404 following a 4% surge in just 24 hours. This recent positive movement suggests the possibility of an upcoming upswing, indicating that Bitcoin may have reached a temporary low. Experienced crypto traders have their sights set on breaking the crucial $61,000 resistance level, envisioning a potential climb to approximately $78,000.
Prominent crypto trader Captain Faibik recently tweeted about the key levels and patterns influencing Bitcoin’s short-term trajectory. According to Captain Faibik’s technical analysis, Bitcoin is currently bouncing back from recent lows while still remaining within the Falling Wedge pattern. This pattern, characterized by lower highs and lower lows, typically indicates a potential bullish reversal when a breakout occurs. Experts caution that Bitcoin bulls must overcome the $61,000 hurdle to confirm an upward breakout. If this milestone is achieved, projections suggest a potential surge towards $78,000 in the near future.
Captain Faibik is not the only one predicting a bullish moment for Bitcoin. Former BitMEX CEO Arthur Hayes shares a similar sentiment, believing that the cryptocurrency has reached a local bottom and will gradually rise in the coming months. Hayes expects Bitcoin to rally above $60,000 and then trade within the range of $60,000 to $70,000 until August.
Hayes attributes this anticipated market surge to increased dollar liquidity resulting from the Federal Reserve’s quantitative tightening taper and the U.S. Treasury’s debt issuance plans. Currently, Bitcoin is trading at $59,804, showcasing an impressive 4% surge in the past 24 hours.
As Bitcoin makes a comeback, the question remains: are you bullish or bearish on its future outlook?
Make sure to also check out our crypto market analysis, where we delve into how whale investors are impacting your portfolio!