Bitcoin 14% Surge Fuels Optimism for a Rally to $90K Amid Strong Market Indicators

Bitcoin recent 14% rise convinces traders of a substantial market rally, with expectations of reaching $90,000 before another correction. Market sentiment improves as SEC news fuels optimism.

Bitcoin (BTC) price has surged by 14% over the past week, sparking optimism among traders who believe this could be the start of a significant market rally. Pseudonymous crypto trader “Roman” told Cointelegraph that this move appears to be the “real deal market pump,” driven by strong fundamentals and technical indicators.

Roman explained that Bitcoin’s drop from its all-time high of around $73,738 to $58,000 on May 2 was a necessary correction to set the stage for higher prices. They highlighted a “bullish reversal pattern” on the BTC price chart, suggesting that Bitcoin won’t enter another consolidation phase until it surpasses its previous high of $73,679 by at least 20%.

“I think we will move to at least $90,000 to $100,000 before we see another consolidation period or correction,” Roman declared. The bullish reversal was indicated by a spinning top candlestick near the downtrend’s bottom on May 20, closing at $66,278, according to CoinMarketCap data. At the time of writing, Bitcoin was trading at $70,140.

This recent price spike coincides with increased speculation that the United States Securities and Exchange Commission (SEC) might approve spot Ether (ETH) exchange-traded funds (ETFs), a development that has been met with skepticism in recent weeks. The market sentiment improved significantly as a result, with the Crypto Fear and Greed Index jumping 12 points in 24 hours to reach an “Extreme Greed” score of 76 on May 21.

The positive sentiment spike followed reports that the SEC had urged Ether ETF applicants to expedite their 19b-4 filings on May 20. John Glover, Chief Investment Officer at Ledn, expressed surprise at how this speculation impacted Bitcoin’s price. “It makes complete sense that ETH jumped higher on this news; it is interesting to me that this brought BTC price up along with it as there should be zero impact on BTC demand from an SEC approval for ETH,” Glover noted.

Glover anticipated some market volatility before Bitcoin reaches new record highs. “I would guess we see some profit-taking in the market, which will push BTC prices down from the $71,000 level in the coming days as well,” he added.

Despite the positive shift in market sentiment, crypto traders are preparing for a slight dip in Bitcoin’s price before it continues its upward trend, according to CoinGlass liquidation data. Even a 1% spike to approximately $71,000 would trigger around $766.73 million in short position liquidations. Conversely, a 1% drop to about $69,400 would clear $101.54 million in long positions.

As traders and analysts watch the market closely, the consensus is that Bitcoin’s current momentum could propel it to new heights, potentially reaching the $90,000 mark before facing another significant correction.

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