Altcoins
Will Bitcoin Rebound? Analyst Predicts $90,000 After Drop From $58,000
Bitcoin’s (BTC) recent decline may just be a temporary blip, according to popular crypto analyst Lark Davis. Davis calls for a significant upside The value of Bitcoin in the coming weeks, with a target of $90,000 by the end of the year. This optimistic outlook comes amid a wave of optimism around institutional investment and the potential arrival of Bitcoin exchange-traded funds (ETFs).
Institutional investors set to boost market
Davis believes that a wave of institutional money is about to enter the cryptocurrency market, acting as a major catalyst for the anticipated rally. He points to Standard Chartered Bank’s projection that Bitcoin will hit a staggering $100,000 by August as a sign of growing institutional confidence. While he offers a slightly more conservative forecast of $90,000, he focuses on the long-term impact of this institutional influx.
Another factor fueling Davis’ bullish sentiment is the arrival of Bitcoin ETFs. These investment vehicles would allow traditional investors to gain exposure to Bitcoin without the complexities of directly acquiring and storing the cryptocurrency. Davis argues that the ease of access offered by ETFs could attract a significant amount of new capital, further propelling the price of Bitcoin upward.
Beyond Bitcoin: A Record Year for Altcoins?
Davis’ bullish outlook extends beyond Bitcoin, encompassing a significant portion of the altcoin market. He anticipates a substantial influx of capital into Ethereum (ETH) following the upcoming Spot ETFSolana (SOL) is another coin on Davis’ radar, with its leadership position in blockchain development and market momentum making it a strong contender for growth.
Technical obstacles remain: will the Bulls be able to overcome them?
While Davis’ forecast paints an optimistic picture, technical indicators suggest that there may be some resistance to overcome before the party begins. The price’s recent rejection at the $63,956 level and bearish signals from technical indicators like the Relative Strength Index (RSI) suggest that there may be some resistance to overcome before the party begins. short-term headwinds.
Davis remains optimistic, however. If Bitcoin manages to break above the $72,000 resistance level, it could trigger a Bitcoin price rally in the fourth quarter, which could send shockwaves through the entire cryptocurrency market.
A climb or a cliffhanger?
Meanwhile, NewsBTC’s analysis of Glassnode data reveals a increase in new BTC addresses, This potentially indicates an increase in user interest. For the bulls to move forward, a daily close above the $63,950 resistance level is crucial. This could trigger a 5% increase and a retest of the weekly resistance at $67,140.
If momentum indicators like the RSI and Awesome Oscillator turn bullish, a further 6% rise to $71,200, the weekly resistance, could be in the cards.
However, a drop below $58,300 and the formation of a lower low could signal continued bearish sentiment, potentially leading to a 3% decline and a revisit of the May low at $56,520.
Featured image from Getty Images, chart from TradingView