If bitcoin manages to see consecutive weekly closes above former resistance at $65,000, Stockton believes the cryptocurrency will target $89,800, representing potential upside of 38% from the breakout.
"There is room to long-term overbought levels, supporting additional upside in the coming months," Stockton said in a Monday note. Momentum in bitcoin remains positive on all timeframes, and the cryptocurrency has been outperforming other coins like ether since the start of September, according to the note.
Supported by a rising 200-day moving average and bullish momentum indicators, she said investors can expect a continued rise in bitcoin, which can build upon a risk-on sentiment among investors and help drive the overall stock market higher.
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Stockton isn't the only analyst making sky-high price projections for bitcoin.
Her near-$90,000 technical price target is just below Fidelity's $100,000 price projection, which Macro Director Jurrien Timmer expects to be met by 2023.
Meanwhile, Fundstrat's Tom Lee said bitcoin could hit $168,000 as supply of the coin is outstripped by demand, in part due to the launch of the bitcoin futures ETF.
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