Bitcoin Analyst Sets $88,800 Target as BTC Breaks New High for Three Days in a Row – Details

Bitcoin is at a record high, hitting new all-time highs for three consecutive days following Donald Trump’s victory in the US election and a recent 25 basis point interest rate cut by the Federal Reserve. This combination of political and economic changes has led to a renewed wave of investor interest in BTC and pushed prices into uncharted territory.

Leading crypto analyst and investor Daan expressed an optimistic outlook, emphasizing that BTC is now in price discovery mode and there is potential for a significant further increase to the $88,800 mark.

While Bitcoin is reaching new highs, the current uptrend appears to be still in its early stages. Analysts and investors are closely watching BTC’s price action and many expect strong momentum as institutional demand increases. With major macroeconomic shifts favoring alternative assets, BTC is in a unique position to benefit, further supported by rising volumes and increased demand in US markets.

The next few weeks will be crucial as Bitcoin tests new price levels and traders gauge how far this bull run can go. As BTC enters price discovery and breaks through previous resistance levels, the stage is set for a potentially transformative phase that inspires optimism among both seasoned investors and newcomers to the crypto space.

Bitcoin enters price discovery

Bitcoin has entered a new bullish phase, marking the beginning of a price discovery phase after continuously breaking all-time highs for three consecutive days. This move has set an upward trend not only for BTC but for the entire crypto market. As BTC rises, it consolidates its position as a market leader, which also increases optimism and interest in altcoins.

Top analyst Daan recently published a technical analysis on X that suggests Bitcoin’s next target in the price discovery phase is $88,888. He emphasized that while Bitcoin is unlikely to achieve this goal in a straight line, the larger trend remains bullish and the market has been waiting for this breakout for eight months. Daan warned that the road to these higher levels will be bumpy and volatility can be expected as the market moves through this new phase.

The coming months are likely to see significant volatility as Bitcoin tests new resistance levels and investors digest the impact of a broader bull market. However, the underlying sentiment is mostly positive, driven by strong demand from institutional investors and continued macroeconomic support.

As Bitcoin breaks key price barriers, it will continue to drive the overall crypto market story, with many analysts predicting further upside if the current momentum continues. The road ahead may be volatile, but the long-term outlook remains extremely bullish for Bitcoin.

BTC is testing new territory

After an aggressive rise last week, Bitcoin is currently consolidating at the $76,400 level with bulls firmly in control of the level. The price has managed to break previous all-time highs and break the key resistance at $73,800. This level is crucial now as it could turn into a strong demand zone once it breaks out. If BTC manages to stay above $73,800 in the coming days, it will signal continued bullish momentum and could push the price higher.

However, if BTC struggles to break above $77,000, a healthy decline to lower demand levels around $72,500 is likely. This pullback would allow the market to find support before pushing higher. A pullback would also provide a much-needed reset for the market, eliminating weak positions and enabling more sustainable growth.

In the short term, the $73,800 level is crucial to sustain the bullish sentiment. If BTC holds above this area, it is likely to continue its uptrend. However, if price fails to maintain this support, traders will watch for signs of a deeper correction. Overall, market sentiment remains positive and Bitcoin has the potential to continue its uptrend if key levels are held.

Featured image by Dall-E, chart by TradingView