Analyst: Bitcoin Likely to Rebound to the $90,000-$92,000 Range
According to a report by CoinDesk, analyst Omkar Godbole's technical analysis suggests that Bitcoin's price breaking through $87,000 indicates strong upward momentum, with a target range of $90,000 to $92,000.
Previously, Bitcoin consolidated between $83,000 and $86,000 for a week before a bullish breakout. The current trend indicates that Bitcoin's recovery from the April 7 low of below $75,000 is still ongoing. If Bitcoin's price falls back below $85,000, this optimistic outlook might be negated.
The analysis points out that Bitcoin has surpassed the 30-day Exponential Moving Average (EMA), indicating bullish momentum, while the 200-day Simple Moving Average (SMA) is at $88,245.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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