Bitcoin is poised for a potential breakout, with indicators suggesting a significant price surge. A key weekly close could signal the start of a bullish trend, keeping hopes alive for new all-time highs.
Bitcoin’s Bullish Indicators
Recent analysis by popular trader Roman on X (formerly Twitter) points to a bullish continuation for BTC/USD. Despite a lackluster performance in June, Bitcoin remains strong on higher timeframes, indicating consolidation below all-time highs—a classic bull market behavior.
Roman highlights the Relative Strength Index (RSI) and Bollinger Bands on the weekly chart as indicators of a potential squeeze higher. He noted on June 21, “We are now forming a 3rd bullish divergence between price and RSI while many are capitulating & calling for lower.” He added that the tightening Bollinger Bands create the volatility needed for a significant price movement.
Key Weekly Close Could Trigger Breakout
An accompanying chart from Roman showed RSI making lower lows while the price made higher lows. This combination, along with narrowing Bollinger Bands, suggests imminent volatility. Roman emphasized the importance of the weekly close, suggesting that a strong close could push BTC well into new all-time high territory. He predicted, “Once volatility is built we can finally full send to 90k+.”
Bitcoin Bulls Eyeing $90K+
Other analysts echo Roman’s bullish outlook. some forecasts suggest BTC could reach $80,000 by the end of June, while another from May predicts a surge to $95,000 in a single breakout.
Popular trader Daan Crypto Trades remains optimistic, stating, “I’ve always said I believed in a breakout towards the upside of this Bitcoin range and I still stand by that.” He speculated that a breakout might occur within the $59K-$74K range, noting that conducive macroeconomic conditions could support a strong BTC performance.
Favorable Macroeconomic Conditions
Daan Crypto Trades pointed out that U.S. equities hitting record highs and dropping bond yields create a favorable environment for Bitcoin. Historically, such conditions have been beneficial for BTC and the broader crypto market, though it may take some time for the effects to materialize.
