Bitcoin is setting the stage for a potential breakout in its price, according to analysis from popular trader Roman. Despite a lackluster performance in June, Bitcoin remains a strong investment on longer timeframes, with the potential for significant gains. Roman highlighted the relative strength index (RSI) and Bollinger Bands on the weekly chart as indicators of a pending bullish move for Bitcoin’s price. He pointed to a bullish divergence between price and RSI as a sign that a breakout could be imminent. Additionally, narrowing Bollinger Bands suggested that significant volatility could be on the horizon. Roman also suggested that a new all-time high could be within reach for Bitcoin. Another trader, Daan Crypto Trades, echoed the sentiment, pointing to favorable macroeconomic conditions as a catalyst for strong price performance. At the time of writing, Bitcoin was trading at around $64,300. As always, readers are reminded that investment decisions carry risk and should be made after conducting thorough research.
New analysis predicts Bitcoin to target price of over 90000 as it prepares for breakout