Is the Fall in Bitcoin Over? According to Analysts, a Rise to 78 Thousand Dollars is Possible!

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Bitcoin, the leader of the cryptocurrency world, is exhibiting a recovery momentum after the sudden decline it experienced in recent days. Bitcoin, which has been traded at $ 59,400 with a 4% increase in the last 24 hours, revives hopes among investors. This rapid recovery was taken as a sign that Bitcoin was starting to strengthen in the short term, creating general optimism in the crypto market.

According to some market experts, this latest upward momentum in Bitcoin points to a potential rally in the future. Analysts are voicing their views that Bitcoin may have reached local bearish levels. Notably, according to technical analysis by leading crypto analyst Captain Faibik, Bitcoin is currently recovering from recent lows and remains confined within the Falling Wedge formation, indicating potential bullish momentum.

The Falling Wedge formation is a technical analysis pattern that indicates that an upward trend may occur in the market. This pattern is characterized by lower highs (new highs lower than the previous high) and lower lows (new lows lower than the previous low) and usually indicates the beginning of a potential uptrend when a breakout occurs. In his analysis, Captain Faibik pointed out that Bitcoin may be in a similar situation right now. However, for this pattern to be fully confirmed, Bitcoin will need to overcome a certain resistance level.

According to the analyst, Bitcoin bulls need to overcome the critical $61,000 resistance level to confirm an upside breakout from this pattern. Accordingly, a successful break above $61,000 could pave the way for Bitcoin to target $78,000 in the near term.

BitMEX CEO Also Expects a Rise in Bitcoin

However, Captain Faibik is not the only person predicting a rise for Bitcoin. Former BitMEX CEO Arthur Hayes shared a similar thought. sharing and believes that Bitcoin has reached a local bottom and will gradually rise over the next few months.

“Bitcoin will rise above $60,000 and then stay between $60,000 and $70,000 until August.”

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