Crypto Analyst Forecasts Bitcoin Rally To $93,000, Here’s The Roadmap

Despite
seeing
multiple
crashes
over
the
last
few
months,
the
expectations
for
the
Bitcoin
price
remain
incredibly
high.
Predictions
have
ranged
from
hundreds
of
thousands
of
dollars
to
millions,
but
they
all
maintain
one
thing
in
common,
and
that
is
the
fact
that
the
Bitcoin
bull
market
is
far
from
over.
To
this
end,
pseudonymous
crypto
analyst
Cryptorphic
has
unveiled
another
bullish
prediction,
putting
the
BTC
price
close
to
the
coveted
$100,000
mark.

Key
Bullish
Levels
To
Watch
For
Bitcoin

Cryptorphic’s
analysis
on
Bitcoin
points
the
spotlight
on
major
support
levels
that
investors
must
watch
out
for
to
know
where
the
price
is
headed
next.
More
specifically,
these
important
levels
are
the
higher
time
frame
(HTF)
and
the
lower
time
frame
(LTF).

For
the
higher
time
frame,
the
crypto
analyst
reveals
that
the
$50,521-$50,901
levels
are
important
for
the
Bitcoin
price
to
hold.
This
is
because
holding
these
levels
could
be
the
start
of
a
rebound.
However,
in
the
event
of
a
break
below
these,
then
the
$46,216-$46,930
became
the
next
major
levels
on
the
higher
time
frame.

The
crypto
analyst
explains
that
“These
ranges
represent
higher
timeframe
(HTF)
bottoms
for
the
overall
HTF
trend.
There’s
a
good
chance
that
we
could
see
a
reversal
within
one
of
these
zones,
leading
to
a
potential
upward
move.”

If
this
plays
out,
then
the
crypto
analyst
believes
that
the
Bitcoin
price
could
rally
toward
a
new
all-time
high.
“both
of
the
above
ranges
are
strong
support
levels
and
could
propel
the
price
back
to
all-time
highs
(ATH)
of
70k
–
72k
or
even
higher,
potentially
reaching
89k
–
93k,”
Cryptorphic
stated.

Key
Bearish
Levels
To
Watch

In
contrast
to
the
bullishness
that
could
emerge
if
the
Bitcoin
price
does
hold
the
important
support
levels,
there
is
still
bearishness
lurking
around.
This
happens
when
the
levels
highlight
above
fail
and
the
price
gets
an
opportunity
for
another
major
crash.

The
BTC
price
is
expected
to
fall
as
low
as
$37,700
in
this
scenario.
However,
the
crypto
analyst
says
“this
lower
range
only
becomes
relevant
if
the
higher
ranges
fail
to
hold.” 
Nevertheless,
there
have
been
some
positive
developments
for
the
Bitcoin
price,
as
the
analyst
highlights
a
notable
increase
in
trading
volume.
This
suggests
a
return
of
interest
for
the
pioneer
cryptocurrency.

Given
that
this
notable
rise
in
volume
has
been
as
a
result
of
increased
buying
among
investors,
the
Bitcoin
price
could
be
moving
toward
a
price
pump.
The
crypto
analyst
expects
the
price
direction
to
develop
over
the
next
couple
of
weeks.

Featured
image
created
with
Dall.E,
chart
from
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