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Bitcoin Aiming for $90,000: Prepare for the Rally!

Mon 24 Jun 2024 ▪ 3 min of reading ▪ by Eddy S.
Getting informed Crypto regulation

The crypto world is abuzz with recent analyses suggesting that Bitcoin could target a price of $90,000 on long-term bullish signals. This optimism is fueled by classic indicators predicting an imminent breakout in BTC price.

Bitcoin Crypto

$90,000 in Sight: Bitcoin Strikes Hard in the Long Term 

Despite a mixed performance in June, Bitcoin remains a solid investment over longer periods. Some analysts argue that BTC’s price action is just a consolidation below all-time highs! A typical behavior of a bullish market that can last several months.

Popular traders have highlighted the relative strength index (RSI) and Bollinger Bands on the weekly chart. They predict an upward squeeze as the next logical step for bitcoin’s price action. A bullish divergence is forming between the price and the RSI, while the Bollinger Bands are tightening, creating the necessary volatility for a significant rise.

In a subsequent post, analysts suggested that the target of such a rise could well hit new all-time highs, potentially reaching $90,000. They advise paying attention to the weekly close for further indications of bullish continuation.

Finally, the Long-Awaited BTC Rally?

Current macroeconomic conditions, such as US stock indices hitting records and falling bond yields, are conducive to a strong performance in BTC price. Historically, this has been a good environment for Bitcoin and cryptos to thrive, although it may sometimes take a bit of time for cryptocurrencies to catch up.

The prospect of a $90,000 Bitcoin is a sign of confidence in the resilience and continued growth of the crypto market. While analysts remain cautious about these predictions in the short term, optimism prevails about BTC’s long-term potential as a viable and lucrative investment asset.

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Eddy S. avatar
Eddy S.

The world is evolving and adaptation is the best weapon to survive in this undulating universe. Originally a crypto community manager, I am interested in anything that is directly or indirectly related to blockchain and its derivatives. To share my experience and promote a field that I am passionate about, nothing is better than writing informative and relaxed articles.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.