The post Bitcoin Price Prediction: Will BTC Rebound or Drop Below $90K? appeared on BitcoinEthereumNews.com.

Bitcoin’s $90K Support Tested: Is a Bullish Reversal on the Horizon? Bitcoin has recently experienced sharp price swings, testing the crucial $90,000 support level following a wave of selling pressure. The cryptocurrency briefly dipped under $92,000 before making a swift recovery, reclaiming the $100,000 mark. This volatility has been exacerbated by escalating trade tensions between the U.S., China, and Canada, injecting uncertainty into global financial markets. Bitcoin Liquid Index. Source: Brave New Coin Now analysts are arguing, is Bitcoin already at the top of this cycle, or is there more to go? Blockchain research firm Lookonchain has looked at key on-chain metrics to determine Bitcoin’s position in the current bull run. Here’s what they found: Bitcoin hasn’t topped out and could go much higher. Bitcoin’s Upside Potential: Could BTC Reach $250K? A widely followed long-term indicator, the Bitcoin Rainbow Chart, says BTC still has room to run. Historically, Bitcoin tops out when it enters the “red band” on this chart. As of now, BTC is below that, so more upside is possible. Some analysts think if the trend continues, BTC could go beyond $250,000 in this cycle. The Bitcoin Rainbow Chart suggests BTC still has room to run. Source. Lookochain on X Another key technical indicator, the Relative Strength Index (RSI), also says Bitcoin hasn’t hit its top. In previous cycles, Bitcoin’s RSI went above 90 before a top was confirmed. Currently, the RSI is below that, so the rally may not be over yet. And the 200-week Moving Average Heat Map also supports the idea that Bitcoin hasn’t topped out. This indicator shows where major tops tend to form when conditions are overbought. BTC 200-Week Moving Average Heatmap. Source: Lookonchain on X According to Lookonchain’s data, BTC is not in the overbought zone, so the bull run may have…

---

Filed under: News - @ February 6, 2025 5:24 am