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

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,124,264,435,639	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,124,264,435,639

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-928.44	-1.59%	57,372.72	57,372.71	57,372.72

Price Change

Price Change %

Current Price

Bid Price

Offer

-928.44

-1.59%

57,372.72

57,372.71

57,372.72

High Price	Low Price	Open Price	Prev. Close	52 Week Range
58,448.89	57,078.47	58,159.42	58,301.16	24,900.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

58,448.89

57,078.47

58,159.42

58,301.16

24,900.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	08:50:57	0.000406	57,372.72	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

08:50:57

0.000406

57,372.72

USD

Price x Volume	Volume	Base Symbol	Related Pairs
131,141,934.69	2,264.90	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

131,141,934.69

2,264.90

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

04/07/2024 1:30pm

NEWSBTC

The recent dip in Bitcoin (BTC) might be a temporary hiccup, according to Lark Davis, a popular crypto analyst. Davis is calling for a significant upswing in Bitcoin’s value in the coming weeks, with a target of $90,000 by year’s end. This optimistic outlook comes amidst a wave of optimism surrounding institutional investment and the potential arrival of Bitcoin exchange-traded funds (ETFs). Related Reading: Ethereum DApps On Fire: Volume Soars Over 90% — Good For ETH Price? Institutional Investors Set To Supercharge The Market Davis believes a surge of institutional money is poised to enter the crypto market, acting as a major catalyst for the predicted rally. He points to Standard Chartered Bank’s projection of Bitcoin reaching a staggering $100,000 by August as a sign of growing institutional confidence. While he offers a slightly more conservative prediction of $90,000, his focus lies on the long-term impact of this institutional influx. The arrival of Bitcoin ETFs is another factor fueling Davis’s bullish sentiment. These investment vehicles would allow traditional investors to gain exposure to Bitcoin without the complexities of directly acquiring and storing the cryptocurrency. Davis argues that the ease of access offered by ETFs could attract a significant amount of new capital, further propelling Bitcoin’s price upwards. Beyond Bitcoin: A Banner Year For Altcoins? Davis’s bullish outlook extends beyond Bitcoin, encompassing a significant portion of the altcoin market. He anticipates a substantial influx of capital into Ethereum (ETH) on the heels of upcoming spot ETFs. Solana (SOL) is another coin on Davis’s radar, with its position as a leader in blockchain development and market momentum making it a strong contender for growth. Technical Hurdles Remain: Can The Bulls Break Through? While Davis’s predictions paint a rosy picture, technical indicators suggest there might be some resistance to overcome before the party starts. The recent price rejection at the $63,956 level and bearish signals from technical indicators like the Relative Strength Index (RSI) suggest there could be some short-term headwinds. Related Reading: Bitcoin Examined: These Critical Points Are ‘Very Bad’ For BTC, Analyst Says However, Davis remains optimistic. If Bitcoin can overcome the $72,000 resistance level, a Q4 bull run could be triggered, potentially sending shockwaves through the entire crypto market. A Climb Or A Cliffhanger? Meanwhile, NewsBTC’s analysis of Glassnode’s data reveals an increase in BTC’s new addresses, potentially indicating a rise in user interest. For the bulls to charge forward, a daily close above the $63,950 resistance level is crucial. This could trigger a 5% rise and a retest of the $67,140 weekly resistance. If momentum indicators like the RSI and Awesome Oscillator turn bullish, an additional 6% rally to $71,200, the weekly resistance, could be on the cards. However, a drop below $58,300 and a formation of a lower low could signal persisting bearish sentiment, potentially leading to a 3% decline and a revisit of the May low of $56,520. Featured image from Getty Images, chart from TradingView

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