Analyst predicts Bitcoin may reach $88,500, driven by bullish signals and a recent bounce from key support levels.
Bitcoin’s current price near $66,804 indicates a bullish trend, supported by Ichimoku Cloud analysis and key technical indicators.
Upcoming Bitcoin 2024 Conference and Ethereum ETF launches could have an impact Bitcoin’s price movement this week.
Crypto analyst @Washigorira predicts Bitcoin (BTC) may hit $88,500 soon. The prediction comes as Bitcoin’s price climbs above the Tenkan line on the weekly chart, signaling potential for further gains. The price, around $66,804 as of July 15, 2024 to now, suggests a bullish trend is forming.
#Bitcoin Intermediate target: $88,500! #BTC is back above Tenkan on the weekly timeframe.#Bullish. . pic.twitter.com/oBjqfe883v
— Titan of Crypto (@Washigorira) July 21, 2024
Chart Insights
The Bitcoin chart spans from May 2023 to early 2025, showing weekly candles. The current price stands at approximately $66,804. The chart utilizes the Ichimoku Cloud, depicted in light green, to highlight support and resistance levels. Since late 2023, Bitcoin has been in an uptrend, experiencing a strong rally in early 2024.
However, since March 2024, Bitcoin has been consolidating between $60,000 and $72,000. A recent bounce from a support level suggests a bullish reversal. A pink indicator marks a “Level to watch” just above the current price at around $64,000, with an intermediate target set at $88,578.41, indicating a significant potential upward move.
Source: Titan of Crypto on X
Technical Indicators and Projections
The chart employs Ichimoku Cloud analysis, featuring the Kumo Cloud as a shaded area indicating support and resistance. The Tenkan-sen (red line) shows short-term momentum, while the Kijun-sen (blue line) represents medium-term momentum. The Senkou Span A and B form the cloud edges, predicting future support and resistance levels.
Currently, Bitcoin’s price is below both the Tenkan-sen and Kijun-sen, suggesting bearish momentum. However, a bounce from the cloud’s lower edge near $56,000 indicates a potential bullish reversal. The chart projects a move towards $88,578.41, consistent with the upward trend arrow.
Market Events and Future Outlook
Upcoming events could majorly impact Bitcoin’s upward movement. The Bitcoin 2024 Conference, featuring former U.S. President Donald Trump, will take place from July 25-27 in Nashville, Tennessee, with Trump’s pro-crypto stance adding importance to the event.
Additionally, Bitcoin ETFs have already had a notable market influence, and the launch of Ethereum ETFs on Tuesday could further affect prices. The coming week is crucial for Bitcoin, as a rebound from the current support level around could drive the price toward the intermediate target of $88,578.41. This analysis highlights the need to monitor key support and resistance levels and influential market events to understand Bitcoin’s potential movement in the medium to long term.
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