Bitcoin is on track to achieve a new record high this month, following a significant rebound that could trigger a breakout to the upside.
While the recent correction has raised concerns among retail investors, institutional investors continue to accumulate Bitcoin, with their sights set on reaching $90,000 before the halving event.
Renowned Bitcoin analyst, Captain Faibik, has conducted an in-depth analysis that points to the possibility of Bitcoin experiencing one of its most bullish months in history. Despite a recent setback, Bitcoin could potentially reach a new all-time high in the upcoming weeks as investors set their sights on $90,000.
Earlier this week, Captain Faibik highlighted a bullish pennant formation on the 12-hour timeframe chart, signaling to the analyst that the world’s largest cryptocurrency may experience a breakout this week.
While investors have identified $70,000 as the first short-term target, Captain Faibik predicts that Bitcoin could reach $88,000 or even $90,000 by the end of the month. If achieved, this would mark a new record high for Bitcoin, which recently reached a peak of $75,000 just a few weeks ago.
As of now, Bitcoin is trading at $67,603 after experiencing a 2% surge in the past 24 hours. Unfortunately, Bitcoin has seen a nearly 6% drop on the weekly chart over the past 7 days. Earlier this week, Bitcoin’s price dropped as low as $65,000, causing concern among retail investors. However, the subsequent rebound has demonstrated strong support for the asset.
The recent price recovery coincides with renewed interest from institutional investors. Reports have surfaced indicating that Morgan Stanley and UBS are planning to add Bitcoin ETFs to their platforms next week. As previously reported, Morgan Stanley, a $1.5 trillion asset manager, will become the world’s first Bitcoin ETF bank.
Furthermore, the highly anticipated Bitcoin halving is only two weeks away. Historically, this event has triggered some of the most significant bullish trends for Bitcoin. In fact, within a year after the halving, Bitcoin has reached new all-time highs.
With high expectations surrounding the halving, both whales and institutional investors have intensified their investments. Retail investors are also returning to the market after initial uncertainties. However, it is crucial for bulls to surpass the $70,000 level in order to regain control over the mid-term trend. This level holds significant psychological importance, and failure to reclaim it could result in a sharp decline in the asset’s value. The $65,000 support level has shown strong resilience, but additional support can be found at $60,000 and $58,000.
Bitcoin’s impressive performance has also had a positive impact on the rest of the crypto market. Major cryptocurrencies have recorded modest gains, indicating the potential for even higher returns in the coming weeks. XRP and Binance Coin (BNB) are particularly noteworthy performers, with both experiencing a surge of 3% and 6%, respectively. Despite facing regulatory challenges from the SEC, these cryptocurrencies are expected to come out victorious.
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