6h00
3
min reading by
Eddy S.
The crypto world is abuzz with recent analysis suggesting that Bitcoin could target a price of $90,000 on long-term bullish signals. This optimism is fueled by classic indicators that predict an imminent BTC price breakout.
$90,000 in sight: Bitcoin hits hard in the long term
Despite a mixed performance in June, Bitcoin remains a solid investment over longer time frames. Some analysts argue that BTC price action is just a consolidation below all-time highs! Typical behavior of a bull market that can last several months.
Popular traders have highlighted the Relative Strength Index (RSI) and Bollinger Bands on the weekly chart. The latter predict an upward squeeze as the logical next step for bitcoin price action. A bullish divergence forms between price and the RSI, as the Bollinger Bands tighten, creating the volatility needed for a significant move higher.
In a subsequent post, analysts suggested that the target for such a rise could well reach new all-time highs, possibly reaching $90,000. They advise paying attention to the weekly close for additional indications of bullish continuation.
Finally the long-awaited BTC Rally?
Current macroeconomic conditions, such as US stock indexes hitting record highs and falling bond yields, are conducive to strong BTC price performance. Historically, this has been a good environment for Bitcoin and cryptos to thrive. Although it can sometimes take a while for cryptocurrencies to catch up.
The prospect of Bitcoin at $90,000 is a sign of confidence in the resilience and continued growth of the crypto market. While analysts remain cautious about realizing these near-term forecasts, there is optimism about BTC’s long-term potential as a viable and lucrative investment asset.
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Eddy S.
The world is evolving and adaptation is the best weapon to survive in this undulating universe. Basically a crypto community manager, I am interested in everything directly or indirectly related to blockchain and its derivatives. In order to share my experience and raise awareness of a field that fascinates me, there is nothing better than writing articles that are informative and relaxed at the same time.
DISCLAIMER
The comments and opinions expressed in this article are those of the author alone, and should not be considered investment advice. Do your own research before making any investment decisions.
