Bitcoin Could Surge to $90K by November, Analyst Predicts
Trader Matthew Hyland identifies bullish divergence despite recent market downturn.
1Bullish divergence spotted
Trader Matthew Hyland notes Bitcoin is at a daily cycle low with bullish divergence forming on charts, predicting $90K+ by early November. This comes as BTC trades near $76K, down sharply after the Senate failed to advance the CLARITY Act. Hyland points to liquidity around $75K, suggesting current prices look solid despite bearish sentiment from most market voices.
2Market divided on bottom
While Hyland sees a bottom forming, analyst Ted Pillows warns BTC lost its 50-week EMA and predicts $70K-$72K before reversal. Crypto Patel maintains a $50K target unless BTC closes above $83K on higher timeframes. The divergence in views highlights market uncertainty following Bitcoin's rejection near an $83K bearish order block on daily charts.
3Supply band analysis
CryptoQuant's IT Tech observes the 6-12 month supply band has grown to 30.8% of realized cap from 16.2% in December 2023, matching previous Bitcoin bottom patterns. While calling it bullish, they caution this appears as mid-cycle floor building rather than the cycle low, with BTC still down 40% from its peak.
4CLARITY Act impact
Bitcoin dropped after the Senate failed to gather 60 votes for the CLARITY Act cloture. Short-term holders sent over 23K BTC ($1.8B) to exchanges at a loss - the largest capitulation in a month. Despite this, BTC remains up 19% over 30 days, currently trading near $76K, down 1.5% in 24 hours and 5% weekly.
5Technical indicators conflict
Hyland acknowledges RSI could fall further but emphasizes limited liquidity below $75K. Roman, a swing trader, agrees this might be a low point. The mixed signals from technical indicators and analyst opinions reflect the current market volatility and uncertainty about Bitcoin's near-term direction.
6Bearish order block resistance
Bitcoin's recent decline from $82.5K to $74.9K followed rejection near an $83K bearish order block on daily charts. Crypto Patel's $50K target remains unless BTC closes above $83K, showing how key resistance levels continue to shape market expectations and trader strategies in the current cycle.
7Historical pattern parallels
The current 30.8% supply band percentage mirrors patterns seen during the last three Bitcoin bottoms, according to IT Tech. However, they distinguish this as mid-cycle behavior rather than a definitive bottom, suggesting the market may experience more volatility before establishing a clear upward trend.
8Market sentiment divergence
The stark contrast between Hyland's $90K prediction and bears' expectations of further decline illustrates the polarized views in crypto markets. This comes amid technical uncertainties, regulatory setbacks, and shifting supply dynamics that make Bitcoin's near-term trajectory particularly difficult to forecast with confidence.
Original article: CryptoPotato — Bitcoin Could Surge to $90K by November, Analyst Predicts