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Home»EXCHANGE NEWS»It is starting to look like a ‘scary bullish force.’
EXCHANGE NEWS

It is starting to look like a ‘scary bullish force.’

By Crypto FlexsMay 14, 20243 Mins Read
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It is starting to look like a ‘scary bullish force.’
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It is unclear whether the price of Bitcoin will rise to $90,000 any time soon, but the cryptocurrency has managed to remain above $60,000, a critical support level in the current cycle.

Dan Tapiero, founder and CEO of 10T Holdings, predicts that the price of Bitcoin (BTC) could soon rise to $90,000. Tapiero’s optimistic predictions for Bitcoin are consistent with the cryptocurrency’s recent recovery.

Tapiero has had great success in Bitcoin.

“We are starting to see scary optimism about Bitcoin.” decided In Tapiero’s bold prediction posted on social media

From a technical perspective, Tapiero said Bitcoin’s recent price action clearly shows a flag-type consolidation pattern with sideways overlap. This pattern, common in financial markets, represents a period of rest before the next major price movement. Tapiero emphasized that Bitcoin’s consolidation phase is almost complete and the market is ready for an explosive move.

The CEO acknowledged that the specific catalyst driving this expected surge is still unclear, but added that this is not relevant. He advised investors not to fight Bitcoin’s bull run, as Real Vision CEO Raoul Pal often preaches. In particular, Pal believes that resisting upward momentum when all indicators point to a potential surge could mean missing out on significant profits.

Many in the online cryptocurrency community believe that Bitcoin is showing strength, consistent with Tapiero’s predictions. At the same time, they argue that it could take months for Bitcoin to experience a significant rally. One commentator even put June as the window when Bitcoin could see its next big move.

Surprisingly, the price prediction sentiment for the coin is currently bearish, while the fear and greed indices are showing greed. At the time of writing, Bitcoin was trading at $61,683, down 1.8%. This is a significant decline from Monday’s recovery to $63,000. The price rally comes ahead of the release of US inflation data scheduled for this week.

Will Tapiero’s prediction come true?

It is unclear whether the price of Bitcoin will rise to $90,000 any time soon, but the cryptocurrency has managed to remain above $60,000, a critical support level in the current cycle. However, it is trading in a narrow range as it fails to exceed $64,000. If Bitcoin fails to break the $64,000 resistance level, it could see a further decline below $60,000.

Conversely, if BTC surges above $64,000, we could see a notable breakout. It is worth noting that Bitcoin surged to $65,000 earlier this month. Therefore, it is possible that BTC will repeat this move soon and the price will rise. ATH above $73,000 remains a target in the medium term, with the coin likely to see fresh surges in the long term.

In a related development, the Bitcoin exchange-traded fund (ETF) recorded inflows of $66 million on Monday. While Fidelity Investments led the way, BlackRock’s IBIT and Grayscale’s GBTC had net flows of zero.

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