Several analysts see %Bitcoin (CRYPTO: $BTC) running as high as $90,000 U.S. amid a new breakout for the largest %Cryptocurrency by market capitalization.
Bitcoin has rallied in recent days on news that Donald Trump has won the U.S. presidential election and is now trading at an all-time high of $76,200 U.S.
Analysts see further gains ahead, with some not seeing Bitcoin meeting resistance again until it hits $90,000 U.S. per digital token.
Charts seem to confirm this view as current trendlines show a clear path for Bitcoin up to $90,000 U.S.
Trendlines are part of technical analysis, helping traders identify potential support and resistance levels.
In Bitcoin’s case, the upward-sloping trendline drawn from previous peaks can act as a target for potential sell orders or profit-taking.
Charts currently indicate bullish momentum for Bitcoin with the next resistance level not likely until the $90,000 U.S. level.
The latest breakout for Bitcoin ends nearly eight months of consolidation for the cryptocurrency and sends it on an uptrend for the first time since mid-March of this year.
Bitcoin is rallying as Trump positioned himself as a pro-Bitcoin candidate. Investors are hoping for less regulation and greater adoption of cryptocurrencies moving forward.