In the face of a common market decline and pessimism, Captain Faibik, a cryptocurrency professional and fanatic, has emerged with an optimistic outlook for Bitcoin (BTC) foreseeable future trajectory, predicting that the crypto asset may rise to a brand new all-time excessive earlier than this present month closes.
Bitcoin To Reach New All-Time High In May
Faibik’s analysis, which is predicated on his in-depth data of cryptocurrency dynamics and a pointy eye for market developments, explores the potential of a big short-term rise in Bitcoin. According to the analyst, Bitcoin is at a key junction presently testing the every day Moving Average 100 (MA100) degree as soon as extra after recovering from it previously.
Historically, the crypto asset has discovered appreciable assist on the 100MA degree. Should BTC recuperate from this level on, Captain Faibik anticipates a major rise on the upside within the upcoming days. Thus, he expects the digital asset to succeed in a brand new all-time excessive inside the month.
The put up learn:
Last time, BTC bounced again from the every day MA100, and now it’s testing it once more. If it bounces again from right here, we will anticipate a Bullish Rally within the coming days. New All the High may very well be incoming this month
The crypto analyst famous Bitcoin’s worth motion within the every day timeframe additionally suggests {that a} bullish rise is on the horizon. Faibik acknowledged that on the every day timeframe chart, BTC remains to be shifting above the foremost trendline and contained in the inexperienced field indicated in his chart. As a consequence, the analyst expects BTC to endure a fast comeback.
Related Reading: If History Repeats, This Is How Bitcoin Price Will Perform In The Next 6 Months
Another notable discovering from Captain Faibik is that the every day Relative Strength Index (RSI) has been drifting beneath a trendline that has been in place for some months. Although this may point out a short waning of optimistic momentum, Faibik interprets it as an indication of an impending worth restoration for Bitcoin. Given that BTC remains to be shifting contained in the bullish flag sample, the professional anticipates a bounce back in the direction of $68,000 within the upcoming days.
$100,000 Price Target For BTC
Captain Faibik’s most bullish goal for BTC lately is the $100,000 worth mark. Last week, Faibik pointed out key narratives that might catalyze Bitcoin’s worth to $100,000 within the coming months.
Furthermore, Faibik highlighted that BTC Bulls have solidly secured the weekly Exponential Moving Average (EMA) 10 following the October 2017 Descending Channel breakout. Due to this, the crypto analyst is setting $100,000 because the digital asset’s subsequent worth goal.
Following a lower of greater than 13% over the earlier 7 days, the value of Bitcoin is presently buying and selling at $57,701. In the final day, its market cap has plummeted by over 6%, whereas its buying and selling quantity has elevated by about 61%.
Featured picture from iStock, chart from Tradingview.com
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