Bitcoin To Bounce Back? Analyst Predicts $90,000 After $58K Drop

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As a seasoned crypto investor with a few years under my belt, I’ve seen my fair share of market volatility. But the recent dip in Bitcoin’s price doesn’t faze me. In fact, I share the optimistic outlook of Lark Davis, a well-respected crypto analyst in the community.

As a crypto investor, I’m keeping a close eye on the recent dip in Bitcoin‘s price. However, I’m not too worried about it, as Lark Davis, a well-known crypto analyst, believes this could be just a temporary hiccup. Davis is confident that we can expect a substantial increase in Bitcoin’s value in the near future, with a goal of reaching $90,000 by the end of the year. This positive perspective is fueled by the growing optimism surrounding institutional investment and the potential introduction of Bitcoin exchange-traded funds (ETFs).

Institutional Investors Set To Supercharge The Market

Davis is convinced that a significant inflow of institutional investment is on the horizon for the crypto market, potentially triggering a powerful price surge. He cites Standard Chartered Bank’s forecast of Bitcoin reaching an astonishing $100,000 by August as evidence of this growing institutional confidence. Although he predicts a more moderate price point of $90,000, Davis emphasizes the long-term consequences of this influx of institutional capital.

The emergence of Bitcoin ETFs serves as an additional reason for Davis’s optimistic viewpoint. These financial instruments enable conventional investors to obtain Bitcoin exposure without dealing with the intricacies of purchasing and safeguarding the cryptocurrency themselves. Davis is convinced that the convenience provided by ETFs may draw a substantial influx of fresh capital, thereby pushing Bitcoin’s price even higher.

Beyond Bitcoin: A Banner Year For Altcoins?

Davis holds an optimistic view not just towards Bitcoin, but also towards a large segment of the altcoin market. He believes that Ethereum (ETH) will attract a substantial amount of investment following the launch of upcoming spot Exchange-Traded Funds (ETFs). Additionally, he keeps a close eye on Solana (SOL), given its role as a front-runner in blockchain innovation and its robust market momentum, making it a promising candidate for growth.

Bitcoin To Bounce Back? Analyst Predicts $90,000 After $58K Drop
Technical Hurdles Remain: Can The Bulls Break Through?

From my perspective as a market analyst, while Davis’s outlook seems optimistic, I’ve noticed some signs of potential resistance based on technical indicators. The Bitcoin price was turned down at the $63,956 mark and technical tools like the RSI have shown bearish signals recently. These factors could create some short-term challenges before any significant upward trend sets in.

Davis maintains a positive outlook, believing that if Bitcoin manages to break past the $72,000 barrier, it could initiate a strong bullish trend in Q4, with significant repercussions for the broader cryptocurrency sector.

A Climb Or A Cliffhanger?

According to an analysis by NewsBTC using Glassnode’s data, there has been a rise in the number of new Bitcoin addresses. This increase might suggest growing user interest in Bitcoin. For the bullish trend to advance further, it is essential for Bitcoin to surpass the $63,950 resistance point during daily trading. If this happens, it could lead to a potential 5% price hike and a retest of the weekly resistance at $67,140.

Bitcoin To Bounce Back? Analyst Predicts $90,000 After $58K Drop

If indicators such as RSI and Awesome Oscillator shift into positive territory, there’s a potential for a further 6% gain, pushing the price up to approximately $71,200 – the weekly resistance level.

If the price falls slightly below $58,300 and forms a new low, it may indicate ongoing bearishness in the market. This could result in a approximately 3% price drop, bringing the cryptocurrency back to the level of $56,520 that was reached in May.

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2024-07-04 15:40