As Bitcoin (BTC) establishes its price above the $67,000 mark, an analyst has observed that the crypto is destined for another all-time high based on fundamental technical indicators.
In an analysis shared on X on July 26, Trader Tardigrade predicted that Bitcoin is destined for $90,000 after confirming a key bullish crossover on the moving average convergence divergence (MACD) indicator.
According to the analyst, the Bitcoin chart outlines crucial insights aligning with the bullish sentiment. The MACD indicator, a popular tool traders use to identify potential market trends, has signaled a possible shift in momentum from bearish to bullish.
Bitcoin price analysis chart. Source: TradingView/Trader Tardigrade
The first crossover occurred in early February, leading to a notable surge in Bitcoin’s price. The current crossover, confirmed in late July, suggests that Bitcoin may be on the cusp of another major rally, with $90,000 remaining a potential target. Historically, such crossovers have been reliable indicators of upward price movement, giving traders and investors a reason for optimism.
As of the last MACD bullish cross, Bitcoin’s price was around $32,000. If the historical pattern holds true, this crossover could propel Bitcoin toward the projected target, representing a nearly threefold increase in value.
Notably, a rise to $90,000 would reaffirm Bitcoin’s position and bolster investor confidence across the entire digital asset market.
Bitcoin facing minor pullback
Indeed, the market is watching Bitcoin’s ability to push towards the $70,000 mark, as this position would likely validate any possible move towards a new all-time high. In the short term, another crypto analyst, Ali Martinez, has suggested that Bitcoin might face a minor pullback before rallying.
In an X post on July 26, Martinez noted that the TD Sequential indicator had presented a sell signal on the Bitcoin hourly chart. This technical signal, known for its ability to predict market reversals, suggests that a brief correction in Bitcoin’s price is imminent before it potentially reaches higher highs.
Bitcoin price analysis chart. Source: TradingView/Ali Charts
Notably, the TD Sequential identifies trend exhaustion and possible price reversals. The current signal indicates that Bitcoin may experience a short-term dip, offering a potential buying opportunity for those looking to capitalize on lower entry points.
Additionally, Bitcoin’s price growth potential is deemed to be progressive in the coming months. In particular, according to a Finbold report, the Market Value to Realized Value (MVRV) and Network Value-to-Transaction (NVT) analysis shows favorable price growth for Bitcoin.
Bitcoin price analysis
At the time of reporting, Bitcoin was trading at $67,190, with daily gains of over 4%. Over the past seven days, it has been up 2%.
Bitcoin seven-day price chart. Source: Finbold
Overall, Bitcoin has established bullish momentum in the short term, and reclaiming $70,000 will likely be key in targeting a new high.
Disclaimer:The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
