With Bitcoin (BTC) soaring above the $60,000 mark, the market has demonstrated robust performance despite several supply pressures. A majority of market interest is now focused on the potential for a new record high.
As Bitcoin looks to reclaim the $70,000 resistance level, RLinda, a prominent crypto analyst and professional trader, has pointed out technical patterns and fundamental factors that could influence BTC’s price trajectory.
Technical analysis
RLinda‘s analysis identifies the bullish flag pattern as a key indicator of BTC’s potential upward movement. Observed on both daily and weekly charts, this pattern features a sharp upward movement followed by a consolidation phase.
The breakout from this consolidation is anticipated to continue the prior uptrend, targeting a potential price of up to $90,000 from the current levels of around $67,000.
Support and resistance levels are crucial in this analysis. Key support levels at $59,300 and $63,800 have shown strong buying interest and stability. On the upside, critical resistance levels are identified at $67,250 and $71,754.
Breaking these resistance points is essential for BTC to advance toward higher targets such as $80,000 and $90,000. The All-Time High (ATH) at $73,794 is a pivotal level where a successful retest and breakthrough could trigger further bullish momentum.
RLinda also highlights the cup and handle pattern forming, with the handle currently nearing completion. This classic bullish pattern suggests a continuation of the upward trend.
A breakout from the handle could propel BTC between $85,000 to $90,000. Volume analysis supports this bullish outlook, with significant accumulation observed during consolidation periods, indicating strong investor positioning for the next upward move.
High trading volumes at key support levels reinforce the expectation that these levels will hold during any potential pullbacks.
Fundamental factors
According to the analysis, the current fear in the market is seen as a bullish sign, often indicating potential capitulation followed by strong accumulation.
Additionally, several external factors are expected to positively impact the market. The anticipated launch of the Ethereum ETF on July 23 is expected to serve as a positive catalyst for the cryptocurrency market, including BTC.
Moreover, political developments are favorable, with high-ranking U.S. politicians reconsidering their stance on Bitcoin and the United States Securities and Exchange Commission (SEC) shifting its position towards cryptocurrencies.
Former President Trump’s recent support for cryptocurrencies could also bolster market sentiment.
Bitcoin price analysis
At press time, BTC is trading at $67,343 with a 1% increase in the daily chart.
Combining technical and fundamental analysis, Bitcoin is poised for a significant upward movement, with potential price targets ranging from $66,000 to $90,000.
Investors and traders should closely monitor critical resistance levels and accumulation patterns to gauge the strength of the impending breakout.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.