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<p>The post <a href="https://coinpedia.org/price-analysis/bitcoins-bull-run-coming-top-analyst-predicts-76k-target-amid-falling-wedge-formation/">Bitcoin’s Bull Run Coming: Top Analyst Predicts $76k Target Amid Falling Wedge Formation</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The world’s largest cryptocurrency was close to breaking a crucial support level at $60,000, indicating possible further price drops. Despite this, <a href="https://markets.coinpedia.org/bitcoin/" target="_blank" rel="noreferrer noopener">Bitcoin</a> has demonstrated resilience, showing signs of rebounding from its recent losses.&nbsp;</p> 
<p>Meanwhile, renowned analysts have identified a key technical pattern in Bitcoin’s daily timeframe chart <a href="https://coinpedia.org/news/bitcoin-forms-golden-cross-is-bull-run-coming/" target="_blank" rel="noreferrer noopener">suggesting a bullish rally</a> toward $76,610. As of now, the Bitcoin price is holding steady at around $61,030, reflecting a modest increase of 0.5% over the past 24 hours.</p> 
<h2 class="wp-block-heading" id="h-if-bitcoin-breaks-64k-next-76k">If Bitcoin Breaks $64K, Next $76K</h2> 
<p>Ali Martinez, a prominent crypto chart analyst, has identified a crucial level for Bitcoin’s price at $64,290 movement. This level represents a key support zone that has historical significance in Bitcoin’s price action.</p> 
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   <p lang="en" dir="ltr">If <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> can reclaim $64,290 as support, it is likely to rise towards $76,610. However, if it fails to surpass $64,290, <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> might retest support at $51,970. <a href="https://t.co/s4D1fTEU7k">pic.twitter.com/s4D1fTEU7k</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1789683591288394043?ref_src=twsrc%5Etfw">May 12, 2024</a>
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<p>Martinez’s analysis suggests that if Bitcoin successfully establishes this level as support, it opens the path toward a potential rally towards $76,610, indicating strong bullish momentum.</p> 
<p>However, failure to reclaim $64,290 could lead to a bearish scenario, with Bitcoin potentially <a href="https://coinpedia.org/news/heres-the-top-reason-why-the-bitcoin-price-is-dropping-constantly/" target="_blank" rel="noreferrer noopener">revisiting support at $51,970</a>. Martinez’s analysis highlights the technical intricacies of Bitcoin’s price movement, emphasizing the importance of monitoring these critical levels for insights into the cryptocurrency’s short-term trajectory.</p> 
<h2 class="wp-block-heading" id="h-bitcoin-s-potential-breakout-soon">Bitcoin’s Potential Breakout Soon</h2> 
<p>Cryptocurrency analyst Captain Faibik has identified a significant technical pattern on Bitcoin’s daily timeframe chart. According to Faibik’s analysis, Bitcoin is currently forming a “Falling Wedge” pattern, a bullish continuation pattern in technical analysis.</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> Falling Wedge formation on the Daily timeframe Chart is still in play..!!<br><br>Expecting Upside Breakout next week.. <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/231b.png" alt="⌛" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> <a href="https://t.co/KgVM4xY2F2">pic.twitter.com/KgVM4xY2F2</a></p>— Captain Faibik (@CryptoFaibik) <a href="https://twitter.com/CryptoFaibik/status/1789584905141100954?ref_src=twsrc%5Etfw">May 12, 2024</a>
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<p>The Falling Wedge pattern suggests a period of consolidation where the price contracts between two converging trendlines, forming lower highs and lower lows. This pattern often indicates a temporary pause in the downtrend and can precede a bullish breakout.</p> 
<p>Captain Faibik predicts an upside <a href="https://coinpedia.org/news/bitcoin-price-tumbles-to-60890-expert-predictions-on-the-next-big-move/" target="_blank" rel="noreferrer noopener">breakout for Bitcoin</a> from this Falling Wedge formation, indicating a potential upward movement in the coming week. This breakout could mark a reversal of Bitcoin’s recent downtrend and initiate renewed bullish momentum.</p> 
<p>Also Check Out : <a href="https://coinpedia.org/price-analysis/why-64300-is-a-pivotal-range-for-bitcoins-btc-price-rally-heres-what-to-expect/">Why $64,300 is a Pivotal Range for Bitcoin’s (BTC) Price Rally: Here’s What to Expect!</a></p>

Bitcoin’s Bull Run Coming: Top Analyst Predicts $76k Target Amid Falling Wedge Formation

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