The post BTC Price Analysis: Bitcoin Price To Surge 10-12% In Coming Days appeared first on Coinpedia Fintech News
Bitcoin price edged 3.4 percent in the past 24 hours to trade around $28,346 during early Asian markets on Wednesday. The top digital asset by market capitalization is retesting last month’s resistance zone. A rejection at this level could result in a head-and-shoulder technical formation that leads to further capitulation in the coming weeks. On the brighter side, a breakout above the current zone could lead to a short squeeze to retest this year’s ATH.
Captain Faibik’s Take on Bitcoin Price Action
According to a recent analysis by a popular crypto influencer and analyst on Twitter @CryptoFaibik, Bitcoin price could be forming an ascending broadening wedge in the daily time frame. In the four-hour time frame, Bitcoin price has formed a possible double bottom that could validate an ascending broadening wedge. As a result, the analyst forecasts Bitcoin price is headed to make new highs in the coming days.
Also Read : Bitcoin Price Prediction 2023, 2024, 2025: Will BTC Price Mark New High’s In The Coming Days?
“If Bulls Reclaim the 28.7k Resistance, Expecting +10-12% Bullish Rally in Coming Days,” the analyst noted.
Bears in Disguise
In this regard, the formation of an ascending broadening wedge on the daily time frame is an indication the bears are attempting to take control amid buying pressure. In most cases, the ascending broadening wedge is fast followed by a bearish trend on a peak reversal. As a result, crypto traders should take note of possible bear traps that could push Bitcoin price towards $25k in the coming weeks.
After enjoying a profitable first quarter that invalidated last year’s logarithmic downtrend, the crypto market is expected to consolidate in the coming quarters before the next Bitcoin’s halving. Furthermore, mainstream investors are preparing to enter the crypto market following increased clear regulatory frameworks around the world led by the European Union.
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