Renowned cryptocurrency analyst Jelle captured the attention of the Bitcoin (BTC) community with the following bold prediction: target The price is $82,000.
In particular, despite recent struggles breaking $66,000, Bitcoin is currently hovering around $67,780, showing its resilience despite short-term declines.
Will BTC soon hit $82,000?
In an X post uploaded earlier today, cryptocurrency analyst Jelle shared his latest views on Bitcoin. Bitcoin target “remains the same: $82,000”, according to the analyst.
It is worth noting that Jelle’s prediction is based on his observation of the formation of a “bullish pennant”, a technical pattern that suggests a potential surge in the price of BTC. According to analysts, the asset may experience some volatility this month.
Jelle emphasized that a bullish pattern is forming that coincides with the upcoming BTC halving in a few weeks. This adds credibility to the newly emerging bullish pennant formation and the possibility that Bitcoin will soon reach $82,000.
#Bitcoin It formed a bullish pennant heading into the halving.
It’s safe to say there will be some volatility this month.
My next goal is the same: $82,000. pic.twitter.com/PgBIG1wluX
— Jelle (@CryptoJelleNL) April 4, 2024
In particular, halving is a pre-programmed event built into the Bitcoin protocol that occurs approximately every four years, or after 210,000 blocks have been mined, reducing the reward for mining new Bitcoin blocks, ultimately reducing the supply of new coins. Reduce it.
Historically, these events have triggered bullish price movements because reduced supply often leads to increased demand and speculative buying. There are currently less than 20 days left until the Bitcoin halving.
Bitcoin latest price action
BTC struggled on the upside last week, but recent moves suggest a change in momentum. In the last 24 hours alone, the asset has risen from a low of $65,135 to the current trading price of $67,628, an increase of 2.7%.
Despite these positive movements, BTC is still down about 6.4% over the past seven days. However, amid these fluctuations, analysts such as Captain Faibik predict that there is likely to be a significant rebound in Bitcoin value before the end of April.
Captain Faibik’s analysis, echoing the sentiments of fellow analyst Jelle, focuses on the formation of a bullish pennant in Bitcoin observed on the 12-hour chart. This pattern suggests that a breakout to the upside is imminent.
If this breakthrough is successfully realized, BTC could soar to unprecedented levels with an expected price target of $88,000 to $90,000 by the end of the month, Captain Faibik said.
$BTC A bullish pennant has formed on the 12-hour chart.
An uptick is expected later this week. ✍️
In case of a successful breakout, Bitcoin could hit 88-90,000 this month.#Cryptocurrency #Bitcoin #BTC pic.twitter.com/TLsujGNSYj
— Captain Faibik (@CryptoFaibik) April 2, 2024
Featured image by Unsplash, chart by TradingView
Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.
Source: NewsBTC.com