Bitcoin Poised for Breakout, Targets Over $90K According to Latest Analysis — TradingView News

The cryptocurrency BTCUSD looks primed for a bullish breakout based on two recognizable technical analysis tools.

On X (formerly known as Twitter), a well-known analyst by the name of Roman pinpointed a bullish pattern forming for BTCUSD.

Analyst’s Advice: Keep an Eye on the Weekly BTC Price Close for Important Clues

Bitcoin, although having disappointed investors for much of June, is thought to be a solid investment over longer periods, showing more favorable trends.

Some speculate that Bitcoin’s current market movements are part of a typical consolidation phase below its peak prices, characteristic of a bull market, which could persist for several months.

Roman, however, believes a recovery back to the higher prices seen earlier might not be far off.

Highlighting the Relative Strength Index (RSI) and Bollinger Bands on the weekly time-frame, he anticipates a compression leading to an upward price surge for Bitcoin.

“Now we see the formation of a third bullish divergence between price and RSI while many are giving up & anticipating a downturn,” he commented on June 21.

“The Bollinger Bands are tightening too – thus paving the way for volatility and precluding the possibility of a decline.”

An associated graph showed a positive divergence with RSI charting lower lows and prices marking higher lows. Together with the compressing Bollinger Bands, this might herald a period of heightened volatility.

In a follow-up statement, Roman hinted that the resulting rise could propel prices to new record highs.

“Everyone should heed this 1W close,” he encouraged subscribers on June 22.

“We’re observing more signs of bullish continuation on higher timeframes. Once we accumulate enough volatility, we could rocket straight to the $90k mark and above.”

The Current Outlook for Bitcoin Bulls

As reported by Cointelegraph, Bitcoin’s price predictions face challenges in materializing as anticipated.

There’s only a week left for the expected $80,000 target in June, whereas another May forecast predicts a quick surge to $95,000.

“I’ve always been a proponent of a breakout to the upside for this Bitcoin range, and I maintain my position,” articulated another prominent trader, Daan Crypto Trades, in one of his updates over the weekend on X.

“I can’t pin down exactly when it will happen, but I suspect it won’t take the whole summer. I am referring to the $59K-74K range,” he added.

Moreover, the macroeconomic backdrop seems favorable – record highs in U.S. stocks and declining bond yields – conditions historically beneficial for robust Bitcoin performance.

“This has often been a positive setup for $BTC and crypto to thrive, though sometimes crypto takes a bit of time to catch up,” the discussion continued.

“And when it does align, the ascension is often dramatic.”

BTCUSD is currently exchanging hands at approximately $64,300, according to data from Cointelegraph Markets Pro and TradingView at the time of writing.

Please be aware that this article does not offer investment advice or recommendations. All investment and trading decisions involve risk, and it is vital to do your own research before making a decision.