Bitcoin (BTC) continues to show a bearish trend ahead of the expected halving in the second half of this month.
The drop in price has caused many investors to reconsider their views on the largest cryptocurrency by market cap. While some investors are looking to take advantage of the price drop to replenish their crypto wallets, most are selling the asset out of fear to preserve their funds.
Crypto analyst Captain Faibik tried to reassure his followers on his X (Twitter) page by pointing out that BTC is forming a bullish pennant pattern, which indicates a continuation of the uptrend.
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"In the event of a successful breakout, Bitcoin could reach the 88-90k mark this month," Captain Faibik wrote.
BTC is now showing a downtrend in the lower timeframes, dropping to the $65,000 level after rising to $71,000 on April 1.
Captain Faibik's analysis points to Bitcoin's potential and its growth to a new all-time high.
The analyst also highlighted the increasing buying pressure on the lower timeframes, which is a strong foundation for further growth.
"BTC bulls are defending the 4-hour exponential moving average (EMA) 200 at $65,600 as well as the bullish pennant," he said.
At the same time, Captain Faibik made it clear that Bitcoin needs to regain the critical resistance level of $70,000 for further growth.
Another factor in favor of further BTC growth, the analyst pointed out the approaching halving, which is 16 days away.
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At the time of writing, Bitcoin is trading at $65,581, showing a decline of 0.80% over the past 24 hours.
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