Bitcoin Could Reach $90K as Analysts See Breakout Potential

Recent insights from multiple analysts and research reports underscore significant developments in Bitcoin’s price movements and market sentiment. For instance, according to Captain Faibik, Bitcoin is currently forming a Descending Broadening Wedge pattern on its daily timeframe chart. 

This technical formation suggests that a successful breakout could propel Bitcoin prices to an astounding $90,000. This analysis indicates a potential significant upward movement if the current market conditions align favorably.

Another market analyst, Charting Guy, forecasts a potential new all-time high (ATH) for Bitcoin within the week. Charting Guy predicts that such an ATH would positively impact the total cryptocurrency market ($TOTAL2), Coinbase stock ($COIN), and mining stocks. The analyst envisions Bitcoin reaching the $85,000 to $100,000 range by late June or early July, driven by increasing market momentum and investor confidence.

In another notable development, research reveals that Bitcoin’s realized price has surged past $30,000. The realized price, a metric indicating the average price at which all circulating Bitcoin was last transacted, reflects heightened market activity and robust investor confidence. This rise in realized price, sourced from Glassnode, highlights the bullish sentiment pervading the market.

In April, the realized price for short-term holders (STH) spiked to over $57,547, marking a substantial increase. This metric, representing the ‘on-chain cost basis’ for coins moved within the last 155 days, underscores the active accumulation of Bitcoin by recent investors. The divergence between the realized prices of short-term and long-term holders (LTH) is also noteworthy, with LTH maintaining a lower average acquisition cost. This trend emphasizes the differing strategies and market impacts of these two investor cohorts.

As of today, Bitcoin is trading at $71,003.30, with a 24-hour trading volume of $35,888,450,946.55. This represents a 3.05% price increase over the last 24 hours and a 3.24% increase over the past week. With a circulating supply of 20 million BTC, Bitcoin’s market capitalization stands at $1,399,323,585,133. Despite the recent price increase, Bitcoin’s performance lags slightly behind the global cryptocurrency market, which has seen a 3.80% rise over the past week.