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#Bitcoin May Reach $90,000 If This Key Level Is Broken: Analyst
A well-known cryptocurrency analyst and trader has predicted an event that might push Bitcoin's price above $90,000 in the near future.
The analyst's optimistic outlook suggests Bitcoin's price might rise significantly, sparking cryptocurrency speculation. Ali Martinez's research focuses on numerous critical support and resistance levels, which break out will influence Bitcoin's destiny.
The analyst believes the digital asset is gaining pace in a parallel channel. Thus, $61,000 becomes the most important support level and $72,400 the most important resistance level.
If Bitcoin breaches the support level, analysts predict a drop to $56,200 and $51,600. If it breaks $72,400 resistance, $79,000 and $86,000 are next.
Martinez says that $62,000 is another Bitcoin support level on the UTXO Realized Price Distribution (URPD) chart. If this level drops, focus may go to $51,500, the next key demand zone.
However, a climb over $66,250 would boost the odds of a bull run. This means market investors and participants are more optimistic.
Analysts have also noticed a change in Bitcoin's accumulation trend score. It's the first time in six months and now 0.27. BTC whales may be selling their holdings rather than stockpiling more.
ETF Investor Interest Will Significantly Affect Price
BTC has been underperforming recently, but experts still think it can reach new heights. Willy Woo, a crypto specialist, predicted $650,000 at the bull market high and $91,000 at the bear market bottom.
Willy Woo anticipates the currency to peak here after ETF participants have fully deployed their funds per asset management advice. These calculations are conservative, but Woo believes Bitcoin will reach the gold cap when ETFs are done. He said, “Gold went on a 12-year bull run when its ETF was approved, now it is Bitcoin’s turn.
Bitcoin's price ranged from $62,000 to $66,000 in the last day, closing at $63,000. A 20% drop in daily trading volume indicates traders' diminishing interest.
