Yesterday, the Bitcoin market reached a new monthly peak of $72,747.03. At any moment, the market may break above the all-time-high level of $73,000. In the last seven days alone, the market has recorded a notable surge of 7.9%. A recent post, published on X by a user, identified as Captain Faibik, states that the BTC market has broken above an eight-month consolidation pattern. He also shares some interesting predictions about where the market might reach in the coming months. Curious to know more? Read on!
Bitcoin Breaks 8-Month Consolidation Pattern
The chart shared by Captain Faibik shows that the BTC market has been consolidating within a ‘Descending Broadening Wedge’ pattern for the last eight months. The expert asserts that the market has broken above the described pattern.
Since October 26, the Bitcoin price has climbed by at least 8.62%. Last day alone, it sharply rose from $69,987.62 to $72,747.03, marking a significant single-day surge of 3.94%.
Analysts Set Targets for Bitcoin’s Price Surge
The crypto analyst predicts that the Bitcoin could reach a range of $88,000 to $90,000 either by the end of the next month or by early December.
The post indirectly suggests that aiming for a target as high as $100,000 may be within reach.
What the Breakout Could Mean for Bitcoin
With the latest breakout, it becomes apparent that the market might not have to wait long to see a new ATH. Right now, the price of Bitcoin is $72,363.53 – just 0.87% below the current ATH level. Since October 11, the market has witnessed an impressive growth of 19.97%. The market appears extremely bullish. The breakout is expected to boost the confidence of Bitcoin investors even further.
As Bitcoin continues its rally, all eyes are on the coming weeks to see if it can meet or exceed the targets forecasted by the cryptocurrency analyst.
Stay tuned to Coinpedia for the latest updates on Bitcoin’s price momentum!
