Nothing

Bitcoin

Resistance

Captain

<p>The post <a href="https://coinpedia.org/news/legendary-trader-says-bitcoin-could-hit-100k-but-only-if-it-breaks-this-key-level/">Legendary Trader Says Bitcoin Could Hit $100K—But Only If It Breaks This Key Level</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Bitcoin is at a make-or-break moment! For the past six months, the crypto king has been <a href="https://coinpedia.org/news/cryptoquant-reveals-top-5-key-charts-why-btc-plunged-10-8-in-just-two-days/">trapped in a tricky trading pattern</a> called a Descending Broadening Wedge. Top trader Captain Faibik warns that breaking the crucial $69-70k resistance is key. If Bitcoin can push past this hurdle, it might just skyrocket to $100,000 by the end of the year!</p> 
<h2 class="wp-block-heading" id="h-bitcoin-key-resistance-at-69-70k">Bitcoin Key Resistance At $69-70k</h2> 
<p>Captain Faibik, a well-known crypto trader, has recently shed light on Bitcoin’s current trading pattern. For the past six months, Bitcoin has been moving within a Descending Broadening Wedge pattern. Meanwhile, this pattern typically indicates a period of uncertainty, but as the price action continues within this wedge, the chances of a breakout increase.</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> Nothing has Changed yet..!!<br><br>Bitcoin has been consolidating within a Descending Broadening Wedge for the past 6 Months.<br><br>Breaking through the $69-70k Crucial Resistance level is essential for the bulls.<br><br>In the last 4-5 attempts, Bulls have failed to clear this level, but… <a href="https://t.co/hVyGwd6Tgt">pic.twitter.com/hVyGwd6Tgt</a></p>— Captain Faibik 
   <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f43a.png" alt="🐺" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@CryptoFaibik) <a href="https://twitter.com/CryptoFaibik/status/1829031459358691338?ref_src=twsrc%5Etfw">August 29, 2024</a>
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<p>As per Faibik’s analysis, the key level to watch is the $69-70k resistance. Perhaps, this level has been a major hurdle for Bitcoin, with bulls failing to surpass it in their recent 4 to 5 attempts.&nbsp;</p> 
<p>However, Faibik points out that this resistance is starting to weaken, which might set the stage for a successful breakout.</p> 
<h2 class="wp-block-heading" id="h-bitcoin-bulls-eye-100k">Bitcoin Bulls Eye $100k</h2> 
<p>If Bitcoin manages to break out of the Descending Broadening Wedge to the upside, Faibik suggests that it could <a href="https://coinpedia.org/news/bitcoin-btc-price-poised-for-100k-top-analysts-weigh-in/">easily reach $100,000</a> in the fourth quarter. This potential rally is based on technical indicators and the current weakening of the resistance level.</p> 
<h3 class="wp-block-heading" id="h-a-time-for-patience">A Time for Patience</h3> 
<p>For now, Captain Faibik advises caution for those considering leverage trading, as the market conditions may not be ideal for high-risk strategies. Instead, he encourages long-term Bitcoin holders to sit back and relax, as the long-awaited Bitcoin bull run could be just around the corner.&nbsp;</p> 
<p>With the resistance weakening and the potential for a breakout on the horizon, the next few months could be crucial for Bitcoin’s price action.</p> 
<h2 class="wp-block-heading" id="h-bitcoin-price-struggling">Bitcoin Price Struggling</h2> 
<p>Bitcoin’s price recently dropped below $60,000, reflecting the bearish market trend. This decline comes as spot Bitcoin ETFs experienced significant outflows, totaling $109.18 million as of August 28. </p> 
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   <p lang="en" dir="ltr">Aug 28 Update:<br><br>10 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> ETFs<br>NetFlow: -1,861 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>(-$109.18M)<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f534.png" alt="🔴" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://twitter.com/hashtag/ARK21Shares?src=hash&amp;ref_src=twsrc%5Etfw">#ARK21Shares</a> outflows 1,643 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>($96.41M) and currently holds 46,366 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>($2.72B).<br><br>9 <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> ETFs<br>NetFlow: -1,526 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a>(-$3.79M)<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f534.png" alt="🔴" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://twitter.com/hashtag/Grayscale?src=hash&amp;ref_src=twsrc%5Etfw">#Grayscale</a>(ETHE) outflows 3,676 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a>($9.14M) and currently holds 1,814,925… <a href="https://t.co/DHAirGMaDH">pic.twitter.com/DHAirGMaDH</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1828825664671338527?ref_src=twsrc%5Etfw">August 28, 2024</a>
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<p>Among these, Ark &amp; 21 Shares (ARKB) saw the largest outflow with $96.41 million, according to Lookonchain data.</p> 
<p>As of now, Bitcoin is <a href="https://markets.coinpedia.org/bitcoin/">trading at $59,680</a>, showing a slight price increase. Its market cap stands at $1.17 trillion, while Bitcoin’s dominance in the market has risen to 57.21%, up by 0.05% over the past day.</p>

Legendary Trader Says Bitcoin Could Hit $100K—But Only If It Breaks This Key Level

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