Bitcoin Price Targets $90K Amid Bullish Divergence Signals
Bitcoin price eyes $90K as FTX-era BTC bullish divergence flashes again

Image: Cointelegraph
Bitcoin is showing a rare bullish divergence, suggesting a potential price rally towards $90,000. This divergence is noted for occurring near its 200-week simple moving average, a historical support level, while also reflecting a rebound in momentum despite falling prices.
- 01Bitcoin's second weekly bullish divergence indicates a possible rally towards $90,000.
- 02The cryptocurrency is currently near its 200-week simple moving average, historically a bottom zone during past bear markets.
- 03The last bullish divergence led to a 715% price increase from $15,500 to nearly $126,200.
- 04Analyst Michael van de Poppe suggests that breaking the $64,000-65,000 resistance could lead Bitcoin to $71,500-$73,000.
- 05Bitcoin remains under downside risk due to a breakdown from a weekly bear flag pattern.
Advertisement
In-Article Ad
Bitcoin (BTC) is experiencing a notable bullish divergence, which is only its second occurrence on record, indicating a potential price surge towards $90,000. This divergence arises as Bitcoin's prices fall while its momentum, as indicated by the relative strength index (RSI), shows improvement. Currently, the RSI is above 34 after previously dipping below the oversold threshold of 30. The cryptocurrency is also trading near its 200-week simple moving average (SMA) at around $62,000, a level that has historically served as a bottom during previous bear markets in 2015, 2018, and 2020. Analyst Michael van de Poppe emphasizes that breaking the resistance level between $64,000 and $65,000 could propel Bitcoin towards higher targets, including $71,500-$73,000 and potentially reaching the $90,000 mark. However, Bitcoin is also facing downside risks due to a breakdown from a weekly bear flag pattern, which could lead to a price drop below $50,000 if the bearish trend continues.
Advertisement
In-Article Ad
The potential price movements of Bitcoin could affect investors and traders in the cryptocurrency market significantly.
Advertisement
In-Article Ad
Reader Poll
What do you think will happen to Bitcoin's price in the coming weeks?
Connecting to poll...
Read the original article
Visit the source for the complete story.




