Bitcoin has once again surged past the critical $60,000 threshold, signaling a potential shift in market sentiment as selling pressure appears to be subsiding. This development follows a period of volatility, where Bitcoin experienced a significant dip, but data from CoinMarketCap now shows that the cryptocurrency has made a remarkable 15% rebound.
Bitcoin hit a low of $52,590 on September 6, which triggered widespread concern among traders and investors. However, the recent recovery has helped alleviate the extreme fear gripping the crypto market, restoring some confidence among market participants.
In a recent analysis, Captain Faibik noted that Bitcoin’s break above $60,000 is crucial to its goal of reaching $90,000 before the end of the year.
Analyst Predicts Bitcoin Surge
The significance of this rebound cannot be overstated, especially given the waning optimism among many crypto analysts. This is because many analysts had begun to reconsider their earlier bullish predictions, with some even suggesting that Bitcoin might face additional downward pressure in the coming weeks. One analyst who has remained firmly bullish throughout this period is Captain Faibik, who has consistently emphasized the importance of the $60,000 level in Bitcoin’s price action.
In a shared on the social media platform X, Captain Faibik emphasized that a daily close above the $60,000 mark would be a key signal of Bitcoin’s return to bullish momentum. According to Faibik, this close would mark the first step in a broader upward trend expected to unfold throughout September, potentially setting the stage for Bitcoin to reach $68,000 by the end of the month.
To further support his bullish outlook, Captain Faibik shared an accompanying chart, which shows that Bitcoin’s price action has been unfolding within a broadening wedge pattern since reaching its all-time high in March. Faibik noted that he is expecting a bullish breakout above this wedge in the fourth quarter of 2024. Based on his analysis, he anticipates that Bitcoin will rally toward a price target of between $88,000 and $90,000 before the end of December.
What’s Going On With Bitcoin?
Bitcoin’s recent surge comes amid expectations that the US Federal Reserve will implement a 50 basis point cut in interest rates for the first time in two years. Interestingly, business intelligence company MicroStrategy also contributed to the buying pressure by purchasing an additional 18,300 BTC for $1.1 billion.
At the time of writing, Bitcoin is trading at $60,200. , Rekt Capital underscored the significance of the $60,000 level. He pointed out that the 21-week exponential moving average (EMA) is currently positioned at $60,550. Should Bitcoin bulls manage to turn this EMA into a support level, it could provide the necessary momentum to break above a series of lower highs that have been forming since July.
Featured image from Pexels, chart from TradingView