As Bitcoin is on a way towards an all-time high of $20,000, a prominent analyst with years of experience predicts $90,000 for Bitcoin by mid-2021.
After claiming $16,000, Bitcoin has broken all records since January 2018. Keeping in mind the recent performance, market experts are calling for new high levels for the top digital asset. A prominent analyst named ‘MagicPoopCannon’ or MPC believes the price value could claim $90,000 by mid-2021.
Rare BTC Pattern
According to MPC, the technical indicator called Relative Strength Index (RSI) has entered into ‘overbought territory.’ The current scenario of BTC markets repeated many times when it was followed by rallies. The same pattern occurred in July 2012 and November 2015, which are then followed by Bitcoin’s upward momentum.
“What’s concerning, is that price has technically formed a (slightly) higher high (compared to the 14000 high of July 2019,) but the highs of the RSI and the MACD are lower,” he added.
He then argues that both indicators, RSI and MACD, could ‘catch up’ soon. He then draws a ‘rising blue arc,’ which is pointing towards $90,000 by the mid of the next year.
For the current BTC pattern, MPC praised in the words that he has first time noticed this special pattern in his ten years in the trading space.
Buyers are Active
This time buyers are more active and have a strong influence in the cryptocurrency markets. Yesterday, the bearish forces tried to push the price to as low as $14,400, but the buyers were so active that they dragged the price value again above $15,000 after the price correction. It shows that there are active participants in the cryptocurrency markets which are ready to absorb any sell-off incident. The bounce back from $14,400 could push the price easily above $16,000.
A crypto analyst expressed his speculation over Twitter in which he claimed price would test at $15,600 before it makes any move higher.
Currently, Bitcoin is exchanging hands at $15,309 after an increase of 3.32% over the last 24-hours.