Bitcoin price forecast ranges from $66,000 to $90,000, says analyst

Bitcoin surpasses $60,000 amid strong performance: Analyst forecasts potential surge to $90,000

Bitcoin has shown robust performance above $60,000 despite supply pressures, sparking interest in a potential new record high. RLinda, a prominent crypto analyst, highlights technical patterns and fundamental factors influencing BTC’s trajectory.

RLinda identifies the bullish flag pattern on daily and weekly charts, featuring a sharp upward movement followed by consolidation. A breakout from this consolidation phase could extend BTC’s uptrend towards $90,000 from its current $67,000 level. Key support at $59,300 and $63,800 has demonstrated strong buying interest, while resistance levels at $67,250 and $71,754 are critical for further advances.

Breaking these resistance points is crucial for BTC’s push towards targets like $80,000 and $90,000. The All-Time High (ATH) at $73,794 is pivotal, potentially triggering more bullish momentum upon retesting and breakthrough.

RLinda also notes the formation of a cup and handle pattern nearing completion, indicating a continuation of the upward trend. A breakout from the handle phase could propel BTC towards $85,000 to $90,000. Volume analysis during consolidation periods supports this bullish outlook, indicating strong investor positioning.

High trading volumes at key support levels suggest these levels are likely to hold during potential pullbacks, reinforcing expectations for continued bullish sentiment in BTC's price movement.

Bullish market sentiment and positive catalysts for Bitcoin

The current market sentiment, perceived as fearful, is viewed positively in the analysis, potentially signaling capitulation followed by strong accumulation.

Furthermore, several external factors are anticipated to have a positive impact. The upcoming launch of the Ethereum ETF on July 23 is expected to act as a catalyst benefiting the cryptocurrency market, including Bitcoin.

In addition, favorable political developments are noted, with influential U.S. figures reconsidering their stance on Bitcoin, and the SEC shifting its regulatory approach toward cryptocurrencies. Former President Trump's recent endorsement of cryptocurrencies is also poised to bolster market confidence.

Bitcoin price analysis: Potential for significant upside movement

As of the latest update, BTC is trading at $67,343, reflecting a 1% increase on the daily chart. Integrating both technical and fundamental analysis, Bitcoin shows strong potential for a notable upward trajectory, targeting price ranges between $66,000 and $90,000.

Investors and traders are advised to closely monitor crucial resistance levels and accumulation patterns to assess the strength of the anticipated breakout.