Analyst Predicts Bitcoin Rally Toward $87K Zone

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 1 day ago

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Price Structure Analysis: Analyst Darkfost anticipates a wave B move for Bitcoin, targeting around $87,000, indicating a potential short-term rally that could attract investor interest in profit opportunities.
Short-Term Price Action: Bitcoin has recently formed higher lows and highs, trading at $79,953, demonstrating a short-term uptrend, with increased trading volume suggesting stronger market participation.
Technical Indicators Support: Although the Relative Strength Index (RSI) hovers around 63, indicating moderate bullish momentum, immediate resistance is at $80,000, suggesting the market needs to break this key level for further upside.
Support and Resistance Analysis: The analyst notes support levels at $78,500 and $77,000, reflecting market stability in these areas while providing reference points for future price fluctuations.

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Technical Analysis for BTC

Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 8 technical signals, shows that 4 indicators are flashing buy, while 4 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Bitcoin (BTC) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	68024.931	71481.226	74799.731	78256.026	81574.531	85030.826	88349.331
Fibonacci	71481.226	74069.199	75668.052	78256.026	80843.999	82442.852	85030.826

About BTC

Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009.Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. Bitcoin was created, according to Nakamoto’s own words, to allow “online payments to be sent directly from one party to another without going through a financial institution.”Some concepts for a similar type of a decentralized electronic currency precede BTC, but Bitcoin holds the distinction of being the first-ever cryptocurrency to come into actual use.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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