The crypto world is abuzz with recent analysis suggesting that Bitcoin could be targeting a price of $90,000 on long-term bullish signals. This optimism is supported by classic indicators that predict an imminent BTC price breakout.
$90,000 in sight: Bitcoin will hit hard in the long term
Despite the mixed performance in June, Bitcoin remains a solid long-term investment. Some analysts say BTC price action is just a consolidation below all-time highs! Typical bull market behavior that can last for several months.
Popular traders 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 note, analysts suggested that the target for such a rise could reach new all-time highs, possibly as high as $90,000. They recommend paying attention to the weekly close for further signs of a bullish continuation.
Finally the long awaited BTC Rally?
Current macroeconomic conditions, such as US stock indices reaching record highs and falling bond yields, are contributing to BTC’s strong price performance. Historically, this has been a good environment for Bitcoin and cryptocurrencies to thrive. Although it can sometimes take time for cryptocurrencies to catch up.
Bitcoin’s prospect of $90,000 is a sign of confidence in the resilience and continued growth of the crypto market. While analysts remain cautious about realizing these short-term forecasts, there is optimism about BTC’s long-term potential as a viable and lucrative investment asset.
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The world is evolving and adaptation is the best weapon to survive in this wavy universe. Essentially a crypto community manager, I am interested in anything directly or indirectly related to blockchain and its derivatives. To share my experiences and raise awareness of a field that fascinates me, there is nothing better than writing articles that are both informative and relaxing.
DISCLAIMER OF LIABILITY
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.