Crypto watchers are eyeing a potential breakout for Bitcoin after crypto analyst Captain Faibik highlighted a bullish technical pattern.

Faibik believes Bitcoin is on the verge of a significant rally after spending the past six months consolidating within a Descending Broadening Wedge. This chart formation often precedes a price surge.

However, the analyst also highlighted that it is imperative for the leading cryptocurrency to break above the resistance zone of $69,000-$70,000 price level and despite numerous attempts, the bulls have not been able to do so. According to the analyst, the resistance is weakening technically and now, the chances of a breakout have surged significantly.

The analyst predicted that Bitcoin would reach $100,000 by the fourth quarter of the year if the buying volumes surge and the digital asset’s adoption continues to increase. Captain Faibik said:

“If the bulls manage to Break out of the Descending Broadening Wedge to the Upside, Bitcoin could easily reach $100k in Q4.”

The analyst further highlighted that leveraged trading is not ideal and investors should not take unnecessary risks during the current market situation. He predicted that the Bitcoin bull run is very close and also asked investors not to panic.

According to the data from CoinMarketCap, Bitcoin is trading at $59,649.58, up 0.7% in the past 24 hours. However, the cryptocurrency is down 1.67% in the past week and 14.32% in the last 30 days. Notably, BTC is up 129.50% since August 2023.