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Crypto analyst RLinda has made a bullish prediction for Bitcoin, suggesting the flagship cryptocurrency could soon reach a new all-time high of $90,000. In a recent post on TradingView, she outlined both fundamental and technical reasons supporting this potential price growth.
Fundamental Factors
RLinda highlighted several fundamental factors that could drive Bitcoin's price upwards. One significant catalyst is the anticipated launch of Spot Ethereum ETFs, which she believes will positively impact the overall cryptocurrency market. Additionally, RLinda pointed out that former President Donald Trump's increasing chances of re-election could boost market sentiment, as he has previously expressed support for cryptocurrencies. Furthermore, she noted that high-ranking US politicians are reconsidering their stance on Bitcoin, and the US Securities and Exchange Commission (SEC) is gradually softening its position on cryptocurrencies. Recent statements from SEC Commissioner Hester Peirce about the inclusion of staking plans for Spot Ethereum ETFs illustrate this shift.
Technical Analysis
From a technical perspective, RLinda observed that Bitcoin is forming a classic bullish flag pattern on its daily chart. She indicated a high probability of Bitcoin retesting the strong resistance levels at $71,700 and potentially surpassing its current all-time high of $73,794. RLinda emphasized that breaking these resistance levels could set the stage for Bitcoin to challenge the global resistance at $73,800. Key resistance levels to watch are $67,250 and $71,750, while support levels to maintain are $63,800 and $59,300. RLinda also highlighted a favorable price range for Bitcoin, suggesting that breaking the $67,250 resistance level could lead to further growth towards $71,700 and beyond.
Cup-and-Handle Pattern
RLinda's analysis also identified a cup-and-handle pattern forming on Bitcoin’s weekly chart. She stated that this bullish pattern is in its final stage before potentially realizing a significant price surge to $90,000. As of now, Bitcoin is trading around $67,300, reflecting a nearly 1% increase in the last 24 hours, according to CoinMarketCap. With both fundamental and technical factors aligning, RLinda's bullish outlook suggests exciting times ahead for Bitcoin investors. Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.