Here's When Bitcoin Price Will Pump to $100K as BTC Chart Signals Rally

Bitcoin has been trading within a Descending Broadening Wedge pattern for the past six months, as noted by crypto analyst Captain Faibik.

Cryptocurrency prices have been experiencing a downturn in recent weeks, following the broader market sell-off. However, some coins are still showing strength and resilience, offering opportunities for traders and investors.

One such coin is Bitcoin (BTC), which has been consolidating within a Descending Broadening Wedge pattern for the past six months. According to crypto analyst Captain Faibik, BTC’s price is encountering resistance around the $69k to $70k level.

This resistance has proven difficult for the bulls to break, with multiple failed attempts in recent months. However, Captain Faibik suggests that this resistance may be weakening, increasing the likelihood of a successful breakout.

$BTC Nothing has Changed yet..!!

Bitcoin has been consolidating within a Descending Broadening Wedge for the past 6 Months.

Breaking through the $69-70k Crucial Resistance level is essential for the bulls.

In the last 4-5 attempts, Bulls have failed to clear this level, but… pic.twitter.com/hVyGwd6Tgt

Breaking Down the Technical Levels and Market Sentiment

The Descending Broadening Wedge pattern is a technical analysis tool used to identify potential trend reversals. The pattern is characterized by two diverging trendlines—one rising and the other falling.

In the case of BTC, the lower trendline has acted as a support during downward movements, while the upper trendline serves as a crucial resistance point.

The $69k to $70k level has remained a strong barrier, but the repeated tests have also weakened the resistance, making it more likely for an upside breakout to occur.

Captain Faibik suggests that if BTC manages to break out successfully, the price could rally to $100,000 in Q4. This prediction is based on the technical weakening of the resistance and the increasing bullish sentiment.

Tips for Traders and Long-Term Bitcoin Holders

For traders, Captain Faibik advises caution, especially regarding leverage trading. The volatility near key resistance levels could lead to amplified losses if BTC faces another rejection. Therefore, those involved in leverage trading should exercise prudence.

On the other hand, long-term Bitcoin owners are encouraged to stay optimistic and patient. The waning resistance points to the possibility of a strong bullish trend, which implies that the Bitcoin bull run may be about to happen.

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Anticipation Builds for a Decisive Breakout

In conclusion, Bitcoin is at a critical juncture as it continues to consolidate within the Descending Broadening Wedge. The resistance level at $69,000 to $70,000, though formidable, shows signs of weakening, increasing the probability of a breakout.

Should this occur, BTC could reach the highly anticipated $100,000 mark in Q4, setting a new milestone for the cryptocurrency.

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