Crypto Analyst and BTC proponent Captain Faibik tweeted that BTC Bulls were in total control although BTC seems to be moving downwards. Faibik made this claim by sharing an analysis that showed BTC fluctuating in a bullish flag.
He stated that BTC was in the accumulation phases and that the Bitcoin bull run will officially start in November 2023. Once the bull run is on Faibik stated “We Can Expect a Parabolic move up to 100k in 2024.”
Looking at the chart above, it could be seen that BTC is fluctuating within a falling wedge. It has been making lower highs and lower lows since 2021. As BTC has currently touched the upper trendline, it may rebound off it and start moving toward the bottom trendline. Moreover, BTC is close to the SMA of the Bollinger band. As such, it could be expected to move downwards to the lower Bollinger band.
However, as the bands seem to be converging there could be less volatility for BTC. Hence, any price action could be marginal. There is a high possibility of BTC reaching Support 1 at ≈$17,300 and thereafter spiking to Resistance 1 at ≈$60,200. In the event that Resistance 1 is broken, then Faibik’s prediction of BTC hitting $100K could become true.
The shorter timeframe chart shows how BTC has been making higher lows since the beginning of 2023. Notably, we could see that every time BTC crashed and looked for support, it always conformed to the trend line as shown. Most of BTC’s activity has been in the upper half of the regression trend channel while coming to the lower half for support.
Currently, BTC is in the lower half of the regression trend channel probably in search of a support level as at previous. If the bulls defend the trendline, we could expect BTC to find support just above Support 1 at $26,700. And once BTC receives support, we could expect it to rise toward resistance 1 at $34,750.
Moreover, the Forecast Oscillator supplements the above thesis with a reading of -0.99 where the line is tilting upwards in the positive direction. More importantly, the Elder Force index which measures the price change and the strength behind it (volume) read a value of -4.615M where the line is heading towards the positive region.