Having closed last week above $30.3k, the Bitcoin market has a higher chance of continuing in a bullish outlook. Trading around $30.4k during the early European market on Tuesday, Bitcoin’s bullish sentiment is well bolstered by the rising dominance against the altcoin market. According to the latest crypto market data, the Bitcoin market cap hovered around 51.64 percent, meaning most investors are buying the top coin despite the daily RSI approaching overbought levels.
Captain Faibik Forecast a Bitcoin Breakout Today
Since Bitcoin price hit a snag below $31k last week, the top coin has been consolidating sideways on the hourly time frame. According to a popular crypto analyst on Twitter Captain Faibik (@CryptoFaibik) with more than 61k followers, Bitcoin price has been forming a bullish pennant formation in the 1-hour time frame, which depicts an imminent breakout.
As a result, the analyst gave an astounding forecast of a Bitcoin breakout later today. Notably, the analyst had issued a price target of about $33k, representing a jump of approximately 10 percent from current levels.
The Bitcoin market has enjoyed a bullish outlook since the BlackRock BTC ETF application and the EDX Markets crypto exchange launch in the past two weeks. Undeniably, there is a significant increase in Bitcoin and other digital assets from institutional investors around the world compared to the FTX period. The promising bright future of Bitcoin among other digital assets has attracted mainstream attention and regulators around the world are enacting laws that attract more investors to their respective markets.
Source: https://coinpedia.org/bitcoin/bitcoin-btc-price-poised-to-break-33k-level-in-next-48-hrs-but-theres-a-catch/