Hyland Sees Bitcoin Soaring Above $90K by November Amid Diverging Analyst Views
Analyst Matthew Hyland is calling for Bitcoin prices to surge above $90K by early November, citing a bullish divergence forming on the charts at what he considers a daily cycle low.
Hyerand pointed out that the Relative Strength Index (RSI) could fall further, but noted that there was 'not really much liquidity below' around $75,000. This view runs counter to more pessimistic calls from analysts such as Ted Pillows and Crypto Patel, who are calling for a drop to $70K-$72K or even $50,000.
CryptoQuant contributor IT Tech took a different approach, focusing on Bitcoin holdings rather than price structure, noting that the 6- to 12-month supply band has climbed to 30.8% of realized cap, up from 16.2% in December last year. This pattern lined up with the last three Bitcoin bottoms, and IT Tech called it a bullish setup but stopped short of calling it the cycle low outright.
The drop follows Tuesday's Senate vote, when cloture on the CLARITY Act failed to gather the 60 votes needed to move the bill forward. As reported earlier, Bitcoin short-term holders sent more than 23,000 BTC to exchanges at a loss in the aftermath, worth close to $1.8 billion.