In the face of overall market decline and pessimism, Captain Faibik, a cryptocurrency expert and enthusiast, has emerged with an optimistic outlook for bitcoin (btc) foreseeable future trajectory, predicting that the crypto asset could reach a new all-time high before the end of this current month.
bitcoin to hit new all-time high in May
Faibik's x.com/CryptoFaibik/status/1785515818853265455″ target=”_blank” rel=”nofollow”>analysis, which draws on its deep knowledge of cryptocurrency dynamics and keen eye for market trends, explores the possibility of a large near-term rise in bitcoin. According to the analyst, bitcoin is at a key crossover that is currently testing the daily Moving Average 100 (MA100) level once again after recovering from it in the past.
Historically, the crypto asset has found considerable support at the 100MA level. Ought btc recover from this point, Captain Faibik anticipates a significant increase in the coming days. Therefore, he expects the digital asset to hit a new all-time high within a month.
The post said:
Last time, btc recovered from the daily MA100 and is now testing it again. If it recovers from here, we can expect a bullish rally in the coming days. The new All the High could arrive this month
The crypto analyst noted that bitcoin's price action on the daily period also suggests that a bullish surge is coming. Faibik stated that on the daily time chart, btc is still moving above the main trend line and within the green box indicated on his chart. As a result, the analyst expects btc to experience a rapid recovery.
Related reading: If history repeats itself, here's how bitcoin price will behave in the next 6 months
Another notable finding from Captain Faibik is that the daily Relative Strength Index (RSI) has been deviating below a trend line that has been in place for a few months. Although this could indicate a brief decline in positive momentum, Faibik interprets it as a sign of an imminent bitcoin price recovery. Since btc is still moving within the bullish flag pattern, the expert anticipates a recuperate towards $68,000 in the next few days.
$100,000 price target for btc
Captain Faibik's most optimistic target for btc recently is the price of $100,000. Last week, Faibik x.com/CryptoFaibik/status/1782607799559627136″ target=”_blank” rel=”nofollow”>he pointed key narratives that could catalyze bitcoin price to $100,000 in the coming months.
Additionally, Faibik highlighted that btc Bulls have solidly secured the 10 weekly EMA following the breakout of the October 2017 descending channel. Due to this, the crypto analyst is setting $100,000 as the next price target for the digital asset.
Following a decline of over 13% in the previous 7 days, bitcoin price is currently trading at $57,701. In the last day, its market capitalization plummeted by more than 6%, while its trading volume increased by approximately 61%.
Featured image from iStock, chart from Tradingview.com
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