Crypto research platform 10x Research I recently noticed that Relative strength of Bitcoin It jumped to 40%. In line with this, they have provided insight into the major moves the flagship cryptocurrency might make soon enough.
What's next for Bitcoin?
in the news Entitled “An Imaginary Retreat?” 10x Research has drawn the attention of the cryptocurrency community to the fact that Bitcoin has historically seen potential spikes when its relative strength index (RSI) falls to 40%. As such, there is a possibility that Bitcoin could rise again after its recent decline.
The research platform warned that the “line in the sand” at $62,000 could prevent the major cryptocurrency from rising. but, Bitcoin It has already broken above this level, which could mean that there is still a bullish sentiment around the cryptocurrency token.
Meanwhile, the research hinted that Bitcoin would need a catalyst to enjoy a sustained rally. They highlighted four bullish events that helped Bitcoin enjoy a parabolic move shortly after breaking a vital support level. These events included Treasury Secretary Janet Yellen's attempt to obtain uncapped deposit insurance, BlackRock app For the Spot Bitcoin ETF, Franklin Templeton He also applied for the Spot Bitcoin ETF, when the US core PCE rate fell below 3.0%.
This reflects the sentiments of Andrei Stoychev, Head of Brokerage at Nexo, who… which were previously mentioned That Bitcoin would need a catalyst to make a significant move to the upside. Bitcoin is expected to continue trading around the $67,000 range only without this catalyst.
10x Research did not seem optimistic about BTC enjoying a continued rally, as its trend model indicates that the major cryptocurrency is in a downtrend. Despite this, they do not rule out the possibility of Bitcoin experiencing a bullish reversal. The research firm also revealed that it will look to buy on the dip if Bitcoin drops significantly or rises from here.
BTC is still destined to achieve new highs
Cryptocurrency analyst Mikybull Crypto It was recently suggested that Bitcoin will still reach new highs. he advertiser That Bitcoin's current price action is intended to create “more fear throughout the market and then a bottom for a bullish continuation.” Cryptocurrency analyst Ali Martinez Recently too Proposal The uptrend is not over yet, considering that Bitcoin has consolidated around this period in the last two bull runs.
He claimed that BTC could be more than 500 days away from being reached Top of the market for this course. Regarding how Bitcoin will rise, Martinez mentioned that it may reach a level New all-time high (ATH) $92,190 if it breaks the $69,150 resistance level. Also worth noting is cryptocurrency analyst PlanB advertiser That Bitcoin will reach $100,000 this year is “inevitable.”
At the time of writing, Bitcoin is trading at around $63,500, up more than 7% over the past 24 hours, according to Data From Coin Market Cap.
BTC price recovers above $63,000 | Source: BTCUSD on Tradingview.com
Featured image from BBC, chart from Tradingview.com
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