Crypto analyst RLinda has recently pointed out some fundamental reasons why Bitcoin could potentially reach a new all-time high of $90,000. She mentioned that the market is eagerly anticipating the launch of Spot Ethereum ETFs, which she believes will have a positive impact on the overall cryptocurrency market. Additionally, RLinda highlighted the support for cryptocurrencies shown by Donald Trump, suggesting that his reelection could further boost market sentiment. She also noted that there are other local factors at play, such as US politicians reconsidering their stance on Bitcoin and the SEC showing a more favorable position towards cryptocurrencies.
Technical Analysis
On the technical side, RLinda identified a classic bullish flag pattern forming on Bitcoin’s daily chart. She expressed confidence in the potential for Bitcoin to retest the strong resistance levels at $71,700 and possibly even surpass its current all-time high of $73,794. In order for Bitcoin to break out of the global resistance at $73,800, RLinda emphasized the importance of overcoming resistance levels at $67,250 and $71,750. Furthermore, she identified $63,800 and $59,300 as key support levels that Bitcoin must maintain to sustain its upward trajectory.
Short-Term Outlook
Looking ahead in the short term, RLinda expects Bitcoin to break through the $67,250 resistance level and continue its upward momentum towards the range of $71,700 to $73,800. She believes that Bitcoin’s current price range presents an opportunity for a resistance breakout, which would pave the way for further gains in the near future. With Bitcoin already testing the $67,250 resistance level, RLinda remains optimistic about the potential for a breakout scenario and highlighted a cup-and-handle pattern on Bitcoin’s weekly timeframe as a positive indicator for future price movements.
RLinda’s bullish case for Bitcoin’s all-time high is supported by a combination of fundamental factors and technical analysis. While there are uncertainties and challenges in the cryptocurrency market, her analysis points towards a potential bullish trend for Bitcoin in the coming days. Investors and traders may want to pay close attention to the key resistance and support levels identified by RLinda as they monitor Bitcoin’s price movements in the volatile market environment.
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