Bitcoin Repeats 2020-Like Glory, Ready to Fly to $90,000?

Bittime - The price of Bitcoin (BTC) shows quite promising movements, such as the breakout pattern that occurred in 2020. 

This sparked speculation that BTC could reach its $90,000 price target in the coming weeks.

Counting increasing Bitcoin ETF inflows and increasingly favorable technicals suggests that BTC prices may rise in the near future.

BTC Price Begins to Form

BTC price has entered a consolidation phase, moving sideways in a triangle formation resembling a bull pennant after reaching an all-time high of $69,210 or close to $70K.

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Rising Bitcoin ETF Inflows

Funds allocated to Bitcoin ETF (Exchange Traded Fund) continue to increase, showing investors' growing interest in this digital asset.

The ETF had more than $53 billion in reserves as of March 7, compared with $27.95 billion at its launch in January.

Higher inflows into ETFs indicate that more investors are purchasing ETF shares, which in turn increases demand for the underlying assets.

This is because the fund manager may need to purchase additional assets to ensure the ETF accurately reflects the composition of the index or sector it tracks.

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Favorite Technical Analysis

Technical indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) show bullish signals , strengthening the potential for BTC price increases.

Similarities to Breakout 2020

The current BTC price movement shows a pattern similar to the breakout that occurred in 2020. At that time, BTC experienced a significant increase after breaking through the $10,000 resistance level. A similar pullback around the highs as well, ultimately suggests that another bull run may be on the horizon, just like in the last bull cycle, albeit with some differences. 

If the event repeats with a successful breakout higher, BTC price will likely top $75,000. 

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Target Price $90,000

Based on the 2020 breakout pattern, analysts predict that BTC could reach the $90,000 price target in the coming weeks.

Factors to Consider

• Bitcoin Halving: The halving event that will occur in 2024 may drive BTC prices higher.
• Global Economic Conditions: Unstable global economic conditions can encourage investors to look for safe-haven assets such as Bitcoin.
• Competition from Altcoins: The growth of altcoins may draw investor interest away from Bitcoin.

Conclusion

Despite the upside potential, it is important to remember that the Bitcoin market is always full of volatility. Investors need to be careful and conduct thorough analysis before making investment decisions.

How to Buy Bitcoin (BTC) on Bittime

You can buy and sell  Bitcoin (BTC)  in an easy and safe way via  Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Bitcoin (BTC)  is available on Bittime with  the market pair BTC/IDR . To be able to buy  BTC IDR  at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn  the complete guide on how to buy Bitcoin (BTC) on Bittime . 

Monitor price  chart movements  for Bitcoin (BTC ) ,  Ethereum (ETH) ,  Solana (SOL)  and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also read:

Bitcoin Futures and Bitcoin Options: Bitcoin Financial Contracts, What's the Difference?

What is Bitcoin Halving and How Does It Affect Bitcoin?

Mining Bitcoin vs Validating Bitcoin Transactions

DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.