Bitcoin's Price Could Surge to $89,000 in the Near Future, Says Technical Analyst

Technical analyst Katie Stockton, founder of Fairlead Strategies, has revealed she believes that the price of bitcoin could now surge to $89,000 after it broke through its previous all-time high to get close to the $67,000 mark.

The price of bitcoin surged earlier this week after the launch of the first bitcoin futures exchange-traded fund (ETF) in the United States. That fund, the ProShares Bitcoin Strategy Fund, has seen its assets under management swell to $570 million on its first day of trading. The fund had $20 million of seed capital at the start of the day.

Trading under the ticker BITO, it also saw about $1 billion of trading volume on its first day, making it the second-most heavily traded new ETF on record. According to Markets Insider, Stockston believes that if BTC manages to see consecutive daily closes above the $65,000 mark, it will move up to $89,800.

The analyst wrote in a note:

There is room to long-term overbought levels, supporting additional upside in the coming months

The noted adds bitcoin’s momentum has remained positive on all timeframes while BTC outperformed other top cryptocurrencies since the start of September. Its 200-day moving average has been on the rise, and bullish momentum indicators are also moving up.

To Stockton investors can expect BTC’s price to keep on rising partly thanks to risk-on sentiment in the markets, which has also helped drive the overall stock market higher. Stockton’s near $90,000 price prediction is close to Fidelity’s $100,000 call, which Macro Director Jurrien Timmer expects will be met in 2023.

As CryptoGlobe reported the  CEO of blockchain technology company Blockstream Adam Back has said the price of bitcoin hitting the $100,000 mark this year is “quite possible,” and even suggested that BTC trading at $500,000 in the long run is feasible.

DISCLAIMER

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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