Bitcoin prepping breakout with ‘$90K+’ BTC price target — New analysis
2024.06.23 09:21
Bitcoin (BTC) is preparing perfect conditions for a fresh BTC price breakout, two classic indicators suggest.
In recent analysis on X (formerly Twitter), popular trader Roman revealed a bullish continuation case in the making for BTC/USD.
Trader: Watch BTC price weekly close for key signals
Despite disappointing hodlers for much of June, Bitcoin remains a solid bet on higher timeframes, where the landscape looks a lot better.
BTC price action, some argue, is simply consolidating below all-time highs in what is classic bull market behavior, which can last for many months.
For Roman, however, a return to the good times seen earlier this may be just around the corner.
Flagging the Relative Strength Index (RSI) and Bollinger Bands on the weekly chart, he foresaw a squeeze higher as the next logical step for BTC price action.
“We are now forming a 3rd bullish divergence between P rice and RSI while many are capitulating & calling for lower,” he wrote on June 21.
“Bollinger Bands are also squeezing tighter – creating that volatility to send without returning.”
BTC/USDT chart with RSI, Bollinger Bands data. Source: Roman/X
An accompanying chart showed RSI making lower lows while price made higher lows. This, combined with narrowing Bollinger Bands, could produce significant volatility.
In a subsequent post, Roman suggested that the target of such an upside move could be well into new all-time high territory.
‘You all should be paying attention to this 1W close,” he told X subscribers on June 22.
“We are forming more bullish continuation indications on HTF. Once volatility is built we can finally full send to 90k+.”
BTC/USD 1-week chart with Bollinger Bands. Source: TradingView
Bitcoin bulls face reality
As Cointelegraph reported, other BTC price predictions face an uphill struggle to come true on time.
Related: Watch these BTC price support levels as Bitcoin tumbles below $64K
$80,000 in June has just one week left, while another prediction from May forecasts $95,000 hitting in a single blitz breakout.
“I’ve always said I believed in a breakout towards the upside of this Bitcoin range and I still stand by that,” another popular trader, Daan Crypto Trades, continued on the topic in part of a weekend X post.
“I’m not sure when it will happen exactly, but I doubt it will take all summer either. I’m referring to the $59K-74K range here.”
He added that macroeconomic conditions — United States equities hitting record highs and bond yields dropping — are conducive to strong BTC price performance.
“This has historically been a good environment for $BTC and crypto to flourish but it has occasionally taken a while for crypto to catch up,” the post read.
“When it does, it usually does so in spectacular fashion.”
BTC/USD 1-day chart. Source: TradingView
BTC/USD traded at around $64,300 at the time of writing, per data from Cointelegraph Markets Pro and TradingView.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
