Bitcoin Soars Past Key Levels as Analyst Sees Targets Up to $97,637

Bitcoin has broken above two key levels this week, exceeding its 50-week moving average and a previous swing high from May. According to chart analyst, this confirms that Bitcoin completed a five-part upward pattern starting from July's low.

This kind of move usually plays out with a slow start, followed by a sideways pause that makes people lose interest. Then comes an aggressive push higher, catching latecomers and short-sellers off guard. Another quiet pause follows before one final push higher.

Bitcoin has already reached the minimum target for this pattern, around $85,000, but that's considered a weak outcome. A more solid target sits between $88,600 and $92,220. If the rally extends further, it could reach as high as $97,637.

Momentum is showing a subtle warning in the form of a bearish divergence on the RSI, which can indicate that momentum may be losing steam. However, the analyst notes that a pullback after this kind of move is considered normal and doesn't have to be severe.