Crypto Analyst RLinda presented a bullish case for Bitcoin, suggesting that the leading cryptocurrency could soon hit a new high All-Time High (ATH). She also provided reasons why Bitcoin could rise to $90,000.
Why Bitcoin Could Hit $90,000
RLinda mentioned in a publish on TradingView that fundamental and technical preconditions support further Bitcoin price growth, which could send its price to up to US$ 90,000. On the Fundamental side, she noted that the market is waiting for the Ethereum ETFs in Spotlight launch, which would be “another positive lever for the cryptocurrency market”.
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Furthermore, RLinda stated that Donald Trump, who has already stated his support for cryptocurrenciesis increasing his chances of being re-elected. According to her, the market will react positively if he eventually wins. The crypto analyst highlighted “other local nuances” that could propel Bitcoin to such heights.
She noted that other high-ranking US politicians are reconsidering their stance on Bitcoin, and the U.S. Securities and Exchange Commission (SEC) is also “gently changing its stance on cryptocurrencies.” This includes SEC Commissioner Hester Peirce recent statement that the Commission is open to reconsidering the inclusion of staking plans for Spot Ethereum ETFs.
BTC from a technical perspective
On the technical side, RLinda revealed that a classic bullish flag pattern is forming on Bitcoin’s daily chart. She further noted that at the moment, there is a “high probability” of Bitcoin retesting the strong resistance at $71,700 or even moving higher to retest its resistance. Current ATH of $73,794.
![Will Bitcoin Reach a New All-Time High? Crypto Analyst Reveals Why $90,000 Is Possible 1 Bitcoin2](https://thegurumedia.com/wp-content/uploads/2024/07/Bitcoin-2-4.png)
She added that only after Bitcoin retests these zones will it be possible for the leading cryptocurrency to “follow the prerequisite formation for a breakout of global resistance” at $73,800. RLinda mentioned that $67,250 and $71,750 are resistance levels that Bitcoin should attempt to break. Meanwhile, $63,800 and $59,300 are support levels that the flagship should remain above.
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Furthermore, RLinda revealed that Bitcoin’s current price range is favorable for a resistance breakout, which she stated will “open a new path to the nearest resistance.” In the short term, she expects Bitcoin to break above the $67,250 resistance level and experience further growth between $71,700 and $73,800.
With Bitcoin already retesting the $67,250 resistance level, RLinda provided an update on her trading idea. She highlighted a cup and handle pattern on Bitcoin’s weekly timeframe. The crypto analyst stated that this bullish pattern is in the last stage of “its formation before realization.” In the chart she shared, this cup and handle formation supports a potential price rise to $90,000 for Bitcoin.
At the time of writing, Bitcoin was trading around $67,300, up nearly 1% in the past 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com