Bitcoin Hits Key Decision Point with Potential $123,500 Rebound or $86,000 Pullback

A market analyst has outlined two potential price paths for Bitcoin following its recent 3.4% increase, reaching $90,500.

Potential Price Movements: $123,500 Rebound or $86,000 Pullback

If Bitcoin breaks past $90,500 convincingly, it could reach $94,800 and potentially rise to $107,300, entering six-figure territory.
A bullish rebound could see Bitcoin climbing to $123,500, a 36.5% increase from current prices.
If rejected, Bitcoin may drop to $88,000, with a further pullback to $86,000 possible.

Market sensitivity to macroeconomic events makes predictions challenging. Despite increased adoption, Bitcoin's price is affected by geopolitical tensions and trade concerns.

RSI Indicates Positive Signal

The Bitcoin relative strength index (RSI) suggests a positive outlook after breaking out of an ascending triangle pattern.
This RSI breakout could signal overcoming current resistance and moving into a bullish trend.

Currently, Bitcoin is valued at $90,603, with a market cap of $1.8 trillion, showing gains in the past week but a slight monthly decline.