[‘Stay strong’: What it takes for Bitcoin to hit $93,000]
The "September Effect" is affecting Bitcoin (BTC) and other cryptocurrencies, but technical analysis shows that this is just an expected correction before Bitcoin seeks higher prices.
Analyst Cryptorphic shared a “BTC/USD roadmap to $93,000” on TradingView, encouraging traders to stay strong and believing that things are about to get better. He highlighted that two high time frame (HTF) trend lines from 2015 and 2017 chart Bitcoin’s path to $93,000.
Cryptorphic points to two key support areas: $50,521 to $50,901, and $46,216 to $46,930. He believes that holding these areas could trigger a strong rally that could eventually push Bitcoin towards $70,000 or even higher towards $93,000.
Other analysts such as CrypNuevo, The ForexX Mindset and Credible Crypto also shared optimistic predictions. They believe that Bitcoin has bottomed out and could move higher or even break through all-time highs.
However, experts warn that due to market volatility, investors should be cautious and avoid overexposure in highly leveraged positions.
