The
recent
dip
in
Bitcoin
(BTC)
might
be
a
temporary
hiccup,
according
to
Lark
Davis,
a
popular
crypto
analyst.
Davis
is
calling
for
a
significant
upswing
in
Bitcoin’s
value
in
the
coming
weeks,
with
a
target
of
$90,000
by
year’s
end.
This
optimistic
outlook
comes
amidst
a
wave
of
optimism
surrounding
institutional
investment
and
the
potential
arrival
of
Bitcoin
exchange-traded
funds
(ETFs).
Related
Reading
Institutional
Investors
Set
To
Supercharge
The
Market
Davis
believes
a
surge
of
institutional
money
is
poised
to
enter
the
crypto
market,
acting
as
a
major
catalyst
for
the
predicted
rally.
He
points
to
Standard
Chartered
Bank’s
projection
of
Bitcoin
reaching
a
staggering
$100,000
by
August
as
a
sign
of
growing
institutional
confidence. While
he
offers
a
slightly
more
conservative
prediction
of
$90,000,
his
focus
lies
on
the
long-term
impact
of
this
institutional
influx.
The
arrival
of
Bitcoin
ETFs
is
another
factor
fueling
Davis’s
bullish
sentiment.
These
investment
vehicles
would
allow
traditional
investors
to
gain
exposure
to
Bitcoin
without
the
complexities
of
directly
acquiring
and
storing
the
cryptocurrency.
Davis
argues
that
the
ease
of
access
offered
by
ETFs
could
attract
a
significant
amount
of
new
capital,
further
propelling
Bitcoin’s
price
upwards.
Beyond
Bitcoin:
A
Banner
Year
For
Altcoins?
Davis’s
bullish
outlook
extends
beyond
Bitcoin,
encompassing
a
significant
portion
of
the
altcoin
market.
He
anticipates
a
substantial
influx
of
capital
into
Ethereum
(ETH)
on
the
heels
of
upcoming
spot
ETFs.
Solana
(SOL)
is
another
coin
on
Davis’s
radar,
with
its
position
as
a
leader
in
blockchain
development
and
market
momentum
making
it
a
strong
contender
for
growth.
is
now
trading
at
$57,774.
Chart:
TradingView
Technical
Hurdles
Remain:
Can
The
Bulls
Break
Through?
While
Davis’s
predictions
paint
a
rosy
picture,
technical
indicators
suggest
there
might
be
some
resistance
to
overcome
before
the
party
starts.
The
recent
price
rejection
at
the
$63,956
level
and
bearish
signals
from
technical
indicators
like
the
Relative
Strength
Index
(RSI)
suggest
there
could
be
some
short-term
headwinds.
Related
Reading
However,
Davis
remains
optimistic.
If
Bitcoin
can
overcome
the
$72,000
resistance
level,
a
Q4
bull
run
could
be
triggered,
potentially
sending
shockwaves
through
the
entire
crypto
market.
A
Climb
Or
A
Cliffhanger?
Meanwhile,
NewsBTC’s
analysis
of
Glassnode’s
data
reveals
an
increase
in
BTC’s
new
addresses,
potentially
indicating
a
rise
in
user
interest.
For
the
bulls
to
charge
forward,
a
daily
close
above
the
$63,950
resistance
level
is
crucial.
This
could
trigger
a
5%
rise
and
a
retest
of
the
$67,140
weekly
resistance.
If
momentum
indicators
like
the
RSI
and
Awesome
Oscillator
turn
bullish,
an
additional
6%
rally
to
$71,200,
the
weekly
resistance,
could
be
on
the
cards.
However,
a
drop
below
$58,300
and
a
formation
of
a
lower
low
could
signal
persisting
bearish
sentiment,
potentially
leading
to
a
3%
decline
and
a
revisit
of
the
May
low
of
$56,520.
Featured
image
from
Getty
Images,
chart
from
TradingView
Go to Source
Author: Christian Encila
