Bitcoin recently experienced a significant price swing, fluctuating between $35.5k and $37k following a 40% surge from mid-October. The excitement doubled when it hit the strong resistance level of $38k.
Resistance at 38/39k Raises Concerns
In a recent Twitter post, crypto analyst Captain Faibik shares insights on Bitcoin’s recent price movement, highlighting a 40% pump since mid-October and signaling a potential price correction.
Captain Faibik underscores the formidable resistance at the 38/39k level, emphasizing its strength in the current market dynamics. A bearish divergence forming just below this critical point adds weight to Faibik’s cautionary stance, indicating a potential bearish signal.
Warning of a Possible Bull Trap
Further, the analyst had warned about the potential for a bull trap if Bitcoin experiences further upward movement. Even though the bullish trend is still going strong, there’s a hint that a price correction might be seen in the market.
Captain Faibik, noticed pattern that suggests Bitcoin could revisit the $33k to $34k range by the end of November. Faibik advises investors who entered the 30k market to consider taking profits, acknowledging the challenges late buyers might face in the current market conditions.
Mini Altcoin Season
In a forward-looking analysis, Faibik suggests that if Bitcoin maintains a position within the 33-38k range over the next 30-40 days, there could be indications of a mini Altcoin Season.
Looking into his crystal ball, Faibik predicts Bitcoin could reach $52k before potentially skyrocketing, possibly triggered by next year’s halving event. As this insight provides investors with a potential roadmap for diversifying their portfolios.