Bitcoin could soon experience a massive price surge, according to crypto analyst Javon Marks. He believes the leading cryptocurrency is gearing up for an 84% rally, citing technical patterns that suggest a breakout from its current range.
In this article, we’ll break down Marks’ bullish prediction and explore what other experts are saying about Bitcoin’s future price movements.
Bitcoin Primed for a Breakout?
Javon Marks, a well-known crypto analyst, expects Bitcoin to break past key resistance at $67,556 and eventually reach a price of $116,600. He predicts that Bitcoin’s current price of $63,500 is on the verge of an upward trend, leading to a significant rally. Marks has held this bullish view for a while, pointing to Bitcoin’s falling wedge price pattern as an indicator of an impending breakout.
Back in September, Bitcoin tried to break through the $67,556 level, peaking at $66,520 before a price drop brought it back to $60,000. However, despite market fluctuations and geopolitical tensions, Marks remains confident that Bitcoin will soon surpass this resistance.
Bitcoin’s Price Movement: Historical Insights
According to Marks, the current price action mirrors a breakout that occurred last year, which pushed Bitcoin to an all-time high in March. He suggests that Bitcoin’s current falling wedge pattern looks strikingly similar to previous formations, and once Bitcoin breaks out, it could follow a similar upward trajectory.
Other Analysts Share a Bullish Outlook
Marks isn’t alone in predicting a six-figure Bitcoin. Several other analysts believe that Bitcoin is on track for another major rally. Analyst Mikybull, for example, expects Bitcoin to surge to $90,000 and eventually $110,000, based on Fibonacci extension levels. He believes these price levels will be reached after Bitcoin completes its current Elliott Wave price pattern.
Additionally, another market insight provider forecasts that Bitcoin could hit $106,713 by December. This prediction is based on historical data showing Bitcoin’s performance when September ends with a profit.
Current Bitcoin Market Performance
Bitcoin has already seen a 2.3% increase in the past 24 hours, pushing its market cap to $1.25 trillion. The overall cryptocurrency market is also experiencing growth, with a 2.49% rise, bringing the total crypto market cap to $2.21 trillion.
