Bitcoin price has remained on investors’ radars in recent times amid volatile market conditions. BTC remained in the green zone today, surging above $88,000 with bets increasing on a potential rally to $90,000. In addition, several market analysts are predicting that the major cryptocurrency could soon set a new high.
BTC price rose more than 1% today and is trading at $88,141, while its daily trading volume fell 11% to $28 billion. Over the past 24 hours, BTC has been trading between $88,542 and $86,997. Meanwhile, the latest forecast shows a potential surge above $90,000 by next month.
Analyst Michael van de Poppe believes that Bitcoin’s bullish trend is still intact. He emphasizes that BTC’s gradual and consistent retest is a strong indicator for further gains. Van de Poppe stated that Bitcoin is likely to continue its rise towards $90,000 in the coming days.
Furthermore, he suggested that each day increases the likelihood of BTC reaching a new low before continuing its upward trend. Similarly, Rekt Capital market strategist compared the current BTC price movement to the consolidation phase of 2021.
He pointed out that Bitcoin is currently trading between the 21-week EMA and the 50-week EMA, a pattern that was seen before the asset surged to an all-time high (ATH) in November 2021. If history repeats itself, BTC could be on track for another record rally.
Adding to the optimistic sentiment, crypto trader Javon Marks set a price target of $116,652 for BTC. He emphasized that Bitcoin price is displaying multiple bullish macro signals that indicate the current bull cycle will continue and push the price higher.
Along with this sentiment, market expert Ali Martinez highlighted the increased accumulation by Bitcoin whales. He reported that 48 new wallets now hold more than 100 BTC each. This large-scale accumulation indicates strong confidence among institutional investors, potentially paving the way for further price increases.
Based on recent predictions and analysis, the future of Bitcoin looks bright. Arthur Hayes also predicted that the price of Bitcoin will reach $110,000 in the near future. However, the volatile market conditions have caused many investors to stay out of the market for a while.
However, recent market trends indicate positive upside potential for the asset. For example, 21Shares and BlackRock have launched Bitcoin ETPs in the growing European markets. This move has the potential to increase widespread adoption of Bitcoin, which in turn could drive prices higher.
