With the BTC price above the $73,800 mark, the biggest cryptocurrency has registered a new all-time high. After eight long months, the largest cryptocurrency in the world is now trading at prices higher than ever.
As bullish momentum increases, the market anticipates the rally reaching a new peak at $90,000. Is this target achievable by the end of November? Let’s find out.
Bitcoin (BTC) Price Analysis
In the daily chart, the BTC price action shows a post-retest rally gaining momentum from the broken resistance trendline. The bull run creates five massive bullish candles, accounting for a more than 11% price jump.
Furthermore, it has surpassed the 100% Fibonacci level at the previous all-time high of $73,794. Furthermore, the growing bullish influence has led to a golden crossover between the 50-day and 200-day simple moving averages.
As the bullish influence grows, the 100-day and 200-day simple moving averages are on the verge of a positive crossover. Hence, the crucial simple moving averages are ready to regain the positive alignment. Amid the increased bullish momentum, the daily RSI line has crossed into the overbought territory, reflecting a boost in bullish momentum.
As the uptrend gains momentum, the 1.272 and 1.618 Fibonacci levels, respectively, paint the next resistance levels at $80,171 and $89,263.
Conversely, a potential retest of the previous all-time high near $73,800 is possible. However, the bull run will likely regain momentum with a post-retest reversal.
Trump Leads The US Elections
With Donald Trump leading the US elections, the overall crypto market sentiment boosted significantly. Furthermore, with BTC’s price registering a new all-time high, the altcoins are marking double-digit gains. Hence, with Donald Trump’s victory inching closer, Bitcoin eyes $90,000.
Curious to know if Bitcoin will hit $100,000 in 2024? Find a technically and logically driven answer in Coinpedia’s BTC price prediction, and subscribe to us for the latest crypto updates!
