In early trading on Wednesday in Asia, Bitcoin prices have slightly increased by 3.4% in the past 24 hours, with a trading price of approximately $28346
In early trading on Wednesday in Asia, Bitcoin prices have slightly increased by 3.4% in the past 24 hours, with a trading price of approximately $28346. The digital assets with the highest market value are retesting last month's resistance zone. Refusal at this level may lead to a head and shoulder technical form, leading to further surrender in the coming weeks. On the positive side, breaking through the current region may lead to bearish flattening to retest this year's ATH.
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Captain Faibik's View on the Price Action of Special Coins
According to a popular cryptocurrency influencer and analyst who recently Twitter@CryptoFaibik According to the analysis on, the price of Bitcoin may form an upward expanding wedge within the daily time frame. Within the four hour time frame, Bitcoin prices have formed a possible double bottom, which can verify an increasing wedge of expansion. Therefore, analysts predict that Bitcoin prices will hit new highs in the coming days.
Please also read: Bitcoin Price Forecast for 2023, 2024, and 2025: Will BTC prices hit new highs in the coming days?
If bulls regain their resistance level of 28.7k, it is expected to see a bullish rebound of 10-12% in the coming days, "the analyst pointed out.
Disguised bear
In this regard, the formation of an upward expanding wedge on the daily chart indicates that bears are trying to control the situation under buying pressure. In most cases, an upward widening wedge will quickly show a bearish trend of peak reversal. Therefore, cryptocurrency traders should be aware of the bear market trap that may push Bitcoin prices towards $25000 in the coming weeks.
A larger picture
After enjoying the first quarter's profits and breaking the logarithmic downward trend of last year, it is expected that the encryption market will consolidate in the coming quarters before the next Bitcoin halve. In addition, as the global regulatory framework led by the European Union becomes increasingly clear, mainstream investors are preparing to enter the crypto market.
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