Crypto analyst RLinda has made a bullish case for Bitcoin, suggesting that the flagship crypto could soon hit a new all-time high (ATH). She also provided reasons why Bitcoin could rise to as high as $90,000.
Why Bitcoin Could Rise To As High As $90,000
RLinda mentioned in a post on TradingView that fundamental and technical preconditions support further price growth for Bitcoin, which could send its price to as high as $90,000. On the Fundamental side, she noted that the market is waiting for the Spot Ethereum ETFs launch, which would be “another positive lever for the cryptocurrency market.”
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Furthermore, RLinda stated that Donald Trump, who already affirmed his support for cryptocurrencies, is increasing his chances of being reelected. According to her, the market will react positively if he eventually 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, and the US Securities and Exchange Commission (SEC) is also “smoothly changing its position on cryptocurrencies.” This includes SEC Commissioner Hester Peirce’s 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 a classic bullish flag pattern is forming on Bitcoin’s daily chart. She further remarked that at the moment, there is a “high probability” of Bitcoin retesting the strong resistance at $71,700 or even going higher to restest its 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 prerequisites for the breakout of global resistance” at $73,800. RLinda mentioned that $67,250 and $71,750 are resistance levels that Bitcoin should look to break. Meanwhile, $63,800 and $59,300 are support levels that the flagship must remain above.
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Furthermore, RLinda revealed that Bitcoin’s current price range is favorable for a resistance breakout, which she claimed will “open a new way to the nearest resistance.” In the short term, she expects Bitcoin to break out from 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 trade idea. She highlighted a cup-and-handle pattern on Bitcoin’s weekly timeframe. The crypto analyst stated that this bullish pattern is in the last stage of “its formation before realization.” From the chart she shared, this cup-and-handle formation supports a potential price surge to $90,000 for Bitcoin.
At the time of writing, Bitcoin is trading at around $67,300, up almost 1% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com