In the past 24 hours, Bitcoin (BTC) has experienced significant price volatility, fluctuating between highs of $25,941 and nearly dropping below the $25,000 mark. This heightened volatility coincides with an eagerly anticipated legal ruling sought by FTX executives in the Delaware bankruptcy court.
Furthermore, this surge in Bitcoin’s price unpredictability precedes important economic data releases in the United States, including the Consumer Price Index (CPI) on Wednesday, as well as the Producer Price Index (PPI) and unemployment claims on Thursday.
Captain Faibik, a prominent crypto analyst on the X platform with over 65,000 followers, has weighed in on Bitcoin’s price action. Despite recent bearish sentiments, Captain Faibik believes that Bitcoin is poised for a relief rally of approximately 15.76 percent.
This analysis is rooted in technical indicators, notably the daily Relative Strength Index (RSI), which displays a bullish divergence within the context of a declining trend. Consequently, Captain Faibik has set a price target in the range of $28,900 to $29,300 for the near future.
However, it’s worth noting that Captain Faibik emphasizes the importance of Bitcoin reclaiming the $28,000 level as a support threshold to solidify a bullish outlook. Failure to do so could lead to a potential drop in Bitcoin’s price, especially if the 200-weekly Exponential Moving Average (EMA) fails to provide substantial support in the weeks ahead.