Despite the general market downturn and prevailing gloom, an optimistic perspective is blossoming on the bleak landscape. Captain Faibik, a seasoned connoisseur and ardent champion of cryptocurrency, paints a promising scenario for Bitcoin’s (BTC) impending course, forecasting that the digital asset could escalate to an unprecedented high before the month finalizes its course.
Captain Faibik’s insights, product of his profound comprehension of cryptocurrency operations and a keen insight for discerning market fluctuations, examine the likelihood of a significant, short-term surge in Bitcoin. The expert identifies Bitcoin at a pivotal crossroads, as it once again tests the daily Moving Average 100 (MA100) level after a previous rebound.
Historical patterns reveal Bitcoin traditionally finds robust support at the 100MA place. If BTC rallies from this juncture, Captain Faibik foresees an exponential upside in the coming days, contemplating Bitcoin may even ascend to a new apex within the span of the month.
This notion is underscored by BTC’s behavior on the daily timeframe, which augments the prediction of an upward surge. Captain Faibik asserts that on the daily horizon, BTC persists above the primary trendline and within the limits of the green block indicated on his graph, paving the way for a swift Bitcoin revival.
Captain Faibik further reports that the daily Relative Strength Index (RSI) has been hovering beneath a trendline that has been stationary for several months. While this could insinuate a transient slump in positive momentum, the expert finds it indicative of a looming surge in Bitcoin’s value. Given BTC’s continued trajectory inside the bullish flag pattern, Captain Faibik anticipates a rebound towards $68,000 in the near future.
Yet the most ambitious target propounded by Captain Faibik is the $100,000 price mark. Recently, the expert identified fundamental forces that could propel Bitcoin’s value to this number. Captain Faibik emphasizes that the bullish faction has fortuitously solidified the weekly Exponential Moving Average (EMA) 10 following the October 2017 Descending Channel breakout. As a result, he places a $100,000 price tag on the digital asset’s next target.
However, empathy is in order as Bitcoin has suffered a setback of over 13% throughout the preceding week, with its current price hovering around $57,701. Additionally, its market cap has declined by more than 6% in the last day, despite a surge of approximately 61% in trading volume. Despite fluctuating fortunes, the future plot for Bitcoin as drafted by Captain Faibik envisages a lucrative destiny.
