Crypto analyst Captain Faibik’s tweet highlights that BTC is making another effort to break out from the rising triangle pattern after encountering multiple prior rejections. The analyst suggests that a successful breakout could potentially result in a price increase of 15-20%. However, in the case of yet another rejection, BTC’s support level would be at $25.6K.
Looking at the 1-month chart for BTC, it started trading at $26.5K when the markets opened. The bulls have managed to maintain prices above the opening market level, although there were instances when BTC dipped below this point. BTC reached its highest price of $28,494 on October 2 and its lowest at $26,064 on September 25. Presently, BTC is trading at $27,725, reflecting a 4.4% increase during the month.
Analyzing this chart, it’s evident that BTC was experiencing a steeper uptrend from the beginning of 2023 until mid-August. However, after mid-August, it lost momentum, and the current uptrend has a shallower gradient. This indicates that sellers have gained some influence in the market and are affecting price increments.
If BTC continues to build on this momentum, it could potentially reach $30,000, and with strong support from the bulls, it might even touch $31,500. Nevertheless, there’s a chance that BTC could test the $25,300 support level if there’s a retracement.
Furthermore, if BTC follows a pattern similar to that in June 2023, it’s possible that the Bollinger bands could widen, potentially allowing for the previously mentioned resistance level to be reached.
The current RSI reading stands at 59 and is trending upward. If more buyers enter the market, the RSI could move into the overbought region. Conversely, if BTC’s current uptrend lacks strong volume support, it might experience a drop to $19,000, which serves as a robust support level for the bears.