Captain Faibik analyst: BTC will grow by 30% in the near future

Analyst Captain Faibik emphasizes an important technical milestone for bitcoin BTC $98,436.70 Bitcoin -0.40% Market capitalization $1.95 trillion VOL. 24 hours $3.56 billion , so that the cryptocurrency can break out of the «descending wedge» pattern that has been forming since the end of February, so that by the end of 2024, the value of bitcoin could increase by 30%.

It is noted that the «descending wedge» pattern is often considered a bullish signal in technical analysis and was broken in mid-October, which led to an 8.7% increase in the value of bitcoin and the formation of a strong bullish candlestick on the weekly chart.

Faibik notes that bitcoin is now at a critical stage of retesting the breakout level, so this stage is crucial, because if bitcoin stays above this level, it could give an impetus to further growth.

The analyst predicts a possible 30% increase in the value of bitcoin by the end of the year with a medium-term target price of $ 88,000, which will reflect strong investor confidence.

Over the past month, the price of bitcoin has increased by 10.8%, reaching a peak of $ 72,748.48 before slightly pulling back.

Despite the recent decline of 5.67%, Faibik’s analysis emphasizes a positive outlook for bitcoin at the end of the year.

The growing interest from both retail and institutional investors is drawing a lot of attention to whether these bullish predictions will be confirmed, which could signal a strong end to 2024 for the cryptocurrency.

It is worth adding that on the night of November 7, 2024, the cryptocurrency peaked at $ 76,203.

At the time of writing, the rate of the flagship crypto asset is $ 74,867, the market capitalization is $ 1.48 trillion, and traders have made daily trading deals worth $ 82.56 billion.

By the way, CryptoQuant analyst CoinLupin predicted a further rise in the price of the cryptocurrency to $ 120,000 on November 5 amid the growing trend of Bitcoin on the US Election Day.

As a reminder, on Wednesday, November 6, bitcoin hit a new all-time high, exceeding $ 75,000 amid preliminary results of the US election, where Donald Trump is ahead of Kamala Harris.