Crypto analyst RLinda has made a bullish case for Bitcoin, suggesting the flagship crypto could soon hit a new one all-time high (ATH). She also gave reasons why Bitcoin could rise to $90,000.
Why Bitcoin Could Rise to $90,000
R Linda mentioned in a after on TradingView that fundamental and technical conditions support further price growth for Bitcoin, which could send the price lower as high as $90,000. On the fundamental side, she noted that the market is waiting for the Discover Ethereum ETFs launch, which would be “a new positive lever for the cryptocurrency market.”
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Moreover, RLinda stated that Donald Trump, who already confirmed his support for cryptocurrencies, increases his chances of being re-elected. According to her, the market will react positively if he ultimately 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 US Securities and Exchange Commission (SEC) is also “flexibly changing its position on cryptocurrencies.” This also applies to SEC Commissioner Hester Peirce recent statement that the Commission is open to reconsidering the inclusion of staking plans for the Spot Ethereum ETFs.
BTC from a technical perspective
On the technical side, RLinda revealed that it is a classic bullish flag pattern forms on Bitcoin’s daily chart. She further noted that at this point there is a “high probability” that Bitcoin will retest the strong resistance at $71,700 or even move higher to retest its resistance. current ATH of $73,794.
She added that only after Bitcoin retests these zones will it become possible for the flagship crypto to follow “the formation of conditions for the outbreak of global resistance” at $73,800. Linda said that $67,250 and $71,750 are resistance levels that Bitcoin should try to break. Meanwhile, $63,800 and $59,300 are support levels that the flagship should hold above.
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Additionally, RLinda revealed that Bitcoin’s current price range is favorable for a resistance breakout, which she said will “open a new path to the nearest resistance.” In the near term, she expects Bitcoin to break the $67,250 resistance level and experience further growth to between $71,700 and $73,800.
With Bitcoin already retesting the $67,250 resistance level, Rlinda provided an update on her trading idea. She emphasized A cup-and-handle pattern on Bitcoin’s weekly time frame. The crypto analyst stated that this bullish pattern is in the final stages of “its formation before realization.” The chart she shared shows that this cup-and-handle formation supports a potential price increase to $90,000 for Bitcoin.
At the time of writing, Bitcoin is trading around $67,300, up almost 1% in the past 24 hours, according to facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
