yolowire.com - 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.