Cryptocurrency Analyst RLinda made an hopeful case for Bitcoin, suggesting the flagship cryptocurrency could soon reach modern heights All-time High (ATH). She also outlined reasons why Bitcoin price could rise to as high as $90,000.
Why Bitcoin Could Rise to $90,000
RLinda mentioned in fasting on TradingView that fundamental and technical reasons support further raise in Bitcoin price, which may cause its price to raise up to $90,000. On the fundamental side, she noted that the market is waiting for Spot ETFs Ethereum launch, which would be “another positive lever for the cryptocurrency market.”
In addition, R. Linda stated that Donald Trump, who has already confirmed his support for cryptocurrenciesincreases his chances of re-election. According to her, the market will react positively if she ultimately wins. The cryptocurrency 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 U.S. Securities and Exchange Commission (SEC) “it also has been fluidly changing its stance on cryptocurrencies.” That includes SEC Commissioner Hester Peirce last 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 the classic bull flag pattern is forming on Bitcoin’s daily chart. She also noted that there is currently a “high probability” that Bitcoin will retest the robust resistance at $71,700 or even go higher to retest its current ATH $73,794.
She added that only after Bitcoin retests these zones will the flagship cryptocurrency be able to “follow the preconditions formation to break the global resistance” at $73,800. RLinda mentioned that $67,250 and $71,750 are resistance levels that Bitcoin should look to break. Meanwhile, $63,800 and $59,300 are support levels above which the flagship needs to stay.
In addition, RLinda revealed that the current price range of Bitcoin favors a breakout of resistance, which he claims will “open a new path to the nearest resistance.” In the low term, he expects Bitcoin to break through the $67,250 resistance level and experience further growth to the $71,700-$73,800 range.
With Bitcoin already testing the $67,250 resistance level, RLinda provided an update on her trade idea. She highlighted cup and ear pattern on the weekly Bitcoin chart. The cryptocurrency analyst stated that this bullish pattern is in the final phase of “forming before execution.” From the chart she shared, it appears that this cup-and-handle formation supports a potential raise in Bitcoin price to $90,000.
At the time of writing, Bitcoin is trading at around $67,300, up almost 1% in the past 24 hours, according to data data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
