Bitcoin continues to see market volatility with bulls slowly gaining momentum, but key resistance levels remain challenging.

There are $90,000 in the game, but that’s the first

Renowned cryptocurrency analyst Captain Faibik recently shared his sanguine opinion perspectives In the case of Bitcoin, it was predicted that the asset’s value could reach $68,000 by the end of this month if it manages to regain the critical level of $60,000.

Faibik emphasized that a daily candle closing above $60,000 will be crucial for Bitcoin to reach modern highs by December.

Faibik also noted the possibility of a breakout through the expanding wedge formation, which could push bitcoin prices to $88,000-$90,000 by the end of the fourth quarter.

For context, the Broadening Wedge pattern typically signals rising volatility and could indicate a possible reversal or continuation depending on market dynamics. If Bitcoin breaks out of this pattern to the upside, as Faibik predicts, it could signal another significant bull run for the cryptocurrency.

$BTC Bulls are building momentum again, but it is crucial to regain the key level of $60,000.

If the daily candle closes above $60k, we could potentially reach $68k by the end of the month.

In Q4, I expect a breakout of the expanding wedge to the upside, and Bitcoin could… photo:twitter.com/Jal1CZ49eX

— Captain Faibik (@CryptoFaibik) September 13, 2024

Bitcoin Miniature-Term and Macroeconomic Outlook

Another well-known cryptocurrency analyst, Willy Woo, provided that his view on the current market, sharing his short-term, medium-term, and macro-term forecast on Bitcoin’s bullish potential.

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 modern all-time highs.

Woo emphasizes that in the compact term, a bullish wave could occur in the next 1-3 weeks, but it will take more time for Bitcoin to break through previous all-time highs.

In terms of the medium term, Woo pointed out that Bitcoin’s demand and supply signals have been bearish since the halving in April, although recent weeks have shown signs of a potential reversal. However, with these signals still “unconfirmed,” it could take Bitcoin more time to push toward a modern all-time high.

In addition, macroeconomic conditions can significantly impact Bitcoin’s price movement. Woo referred to falling bond interest rates as a potential risk signal for established financial markets.

In previous examples, such as the 2020 COVID-19 crisis and the 2008 financial crisis, falling bond rates preceded crashes, which were followed by liquidity-fueled gains across all asset classes, including Bitcoin.

If a similar pattern emerges, BTC could benefit from a broader raise in liquidity, although the risk of short-term declines remains.

Featured image created with DALL-E, chart from TradingView