The top cryptocurrencies have reclaimed their value and aim to eclipse new support levels. Bitcoin and Ethereum have experienced massive price surges, with Bitcoin oscillating above $59.4K from a low of $49K, while Ethereum broke the $2,600 mark from a low of $2.1K.
This positive momentum has restored investor confidence in the market and sparked renewed interest in cryptocurrencies as a viable investment option. Meanwhile, the total market cap was up by 1.74% to $2.09 trillion as of press time.
BTC Price Stability Hints at Breakout
In the last 24 hours, the BTC token has consolidated between an intraday high of $60,417 and an intraday low of $58,477. This is after the token experienced heightened price volatility, with the bears dominating most of the day’s trading sessions.
As of this publication, BTC was valued at $59.442K, reflecting a 0.96% dip compared to its previous day’s price. Its intraday market cap also plummeted by 0.81% to $1.17 trillion, while the 24-hour trading volume ebbed 19.96% to $28.95 billion.
Focusing on technicals, the RSI index on the daily chart is trending close to the neutral line at 50, indicating the price of BTC is consolidating in the short term. However, posited at 45.40, the RSI signals ample space for a solid uptrend before reaching overbought conditions should a breakout above the neutral line occur.
On the same accord, the Chaikin Money Flow Index, trending vertically, is positioned at 0.02, slightly above the zero line. This indicates that the buying spree is building up, suggesting a potential uptrend in BTC prices as more money flows into the market.
Top Analysts Predict BTC to Hit $90K
In a tweet, market analyst Titan of Crypto projected that BTC is targeting the $90K mark as its price peak on this much-awaited bull run. As observed in Titan’s technical analysis, BTC is mirroring a right-angled descending broadening wedge pattern, a model often linked to bullish breakouts.
#Bitcoin $90,000 Target 🎯#BTC is following the pattern, and the LMACD is on the verge of a bullish crossover on the daily timeframe. pic.twitter.com/yRpzjCaRPG
— Titan of Crypto (@Washigorira) August 13, 2024
Adding to this positive outlook, Titans argues that the Logarithmic Moving Average Convergence Divergence (LMACD) is on the verge of a bullish crossover as it approaches its signal line. Historically, Bitcoin’s price has seen massive surges following similar crossovers, further supporting the case for a potential $90K price target. This positive Bitcoin price outlook aligns with the broader sentiment in the market.
This marks a 50% uptick from its current price. Similarly, Rekt Capital, another market expert, supports this optimism, pointing out that the BTC bullish cycle is approximately 42.5% complete. According to him, Bitcoin might be entering a solid upward trend similar to previous cycles, where breakouts from downtrends led to massive price gains.
#BTC Bull Market Progress:
▓▓▓▓░░░░░░ 42.5%
(Progress bar based on standard Halving Cycles)$BTC #Crypto #Bitcoin pic.twitter.com/aHLZoSbs3W
— Rekt Capital (@rektcapital) August 12, 2024
The pattern repeats every four years, aligning with Bitcoin’s halving cycles, which historically led to bullish market conditions. Based on Rekt’s predictions, this bull run is anticipated to commence at the end of August, should history repeat itself.
Also Read: Bitcoin Price Stable Post no Mention in Musk & Trump X Space
Source: https://www.cryptonewsz.com/bitcoin-holds-steady-next-outlook-for-btc/