Faibik emphasized that a daily candle close above $60,000 would be crucial for pushing Bitcoin toward new highs by December.<\/p>\n
Faibik also highlighted the potential for a Broadening Wedge pattern breakout, which could push Bitcoin\u2019s price to between $88,000 and $90,000 by the end of Q4.<\/p>\n For context, a Broadening Wedge pattern typically signals increasing volatility and can indicate a possible reversal or continuation depending on market momentum. If Bitcoin breaks out of this pattern to the upside, as Faibik predicts, it could mark the next significant bullish run<\/a> for the cryptocurrency.<\/p>\n $BTC<\/a> Bulls are once again building Momentum , but Reclaiming the Crucial $60k level is key.<\/p>\n Once we get a Daily candle close above $60k, we could Potentially touch $68k by the end of this Month.<\/p>\n In Q4, I’m Expecting a Broadening Wedge Breakout to the upside, and Bitcoin could\u2026 pic.twitter.com\/JAl1CZ49eX<\/a><\/p>\n \u2014 Captain Faibik \ud83d\udc3a (@CryptoFaibik) September 13, 2024<\/a><\/p><\/blockquote>\n Another renowned crypto analyst, Willy Woo, provided<\/a> his take on the current market, sharing his short, medium and macro term outlook on Bitcoin’s bullish potential.<\/p>\n Woo suggests that while Bitcoin is not technically in a bear market, the digital asset is in a “re-accumulation” phase, a period of consolidation that could signal a potential move toward new all-time highs<\/a>.<\/p>\n Woo emphasizes that, in the short term, a bullish swing could occur within the next 1-3 weeks, but more time is needed for Bitcoin to break above previous all-time highs.<\/p>\n As for the medium term, Woo pointed out that since the halving event in April, Bitcoin\u2019s demand and supply signals have been bearish, though recent weeks have shown signs of a potential reversal<\/a>. However, these signals are still “unconfirmed,” it could take more time for Bitcoin to push toward a new all-time high.<\/p>\n Moreover, macroeconomic conditions could significantly influence Bitcoin\u2019s price movement. Woo referenced the dropping bond rates as a potential risk signal for traditional financial markets.<\/p>\n In past examples, such as the 2020 COVID-19 crash and the 2008 financial crisis, falling bond rates preceded crashes that were followed by liquidity-fueled rallies across all asset classes<\/a>, including Bitcoin.<\/p>\n\n
Short To Macro Term Outlook On Bitcoin<\/h2>\n
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