Bitcoin Weekly RSI Spills Bullish $85,000 Price Target
Due to bitcoin’s consolidative price action this past week, the cryptocurrency’s weekly RSI has pointed to an imminent bullish breakout, with analysts now calling for as high as $85,000 before year’s end. Obviously, the crypto community shall remain skeptical that such a run is valid until more evidence comes in.
Trader Predicts 35% Gains for Bitcoin
Crypto trader and analyst Titan of Crypto said in a post on the X social media platform that he believes the cryptocurrency pair BTC/USD could rally by 35% to an “intermediate” target of $85,000. He explained that BTC weekly time frame RSI is showing momentum accumulation that could see the asset break into new all-time highs.
Bitcoin $85,000: Intermediate Target,” he said, adding that a weekly RSI breakout would set the stage for an “explosive move” by year’s end.
RSI: Classic Trading Indicator
The RSI is one of the most popular technical indicators that assist traders to point at probable tops and bottoms in a market, or the strength of a trend. For now, BTC RSI on the weekly timeframe is above the important 50/100 level for the first time since March, breaking the downtrend.
Titan of Crypto pointed out that if the month of September closes above, the upwards trend could spill into the fourth quarter. It has also been evidenced that historically, a green September usually ends up translating into a very bullish Q4 for Bitcoin.
Critical Support Level at $61,000
While optimism is growing, not everyone is convinced that the outlook is turning bullish for Bitcoin just yet. According to one popular trader named Skew, $61,000 was the key “line in the sand” for BTC price action.
“From a technical perspective, this does look promising”, Skew said but underlined that at least a run of higher highs and higher lows on daily charts would confirm the strength. The ability to hold above $61,000 would, therefore, be critical to holding onto bullish momentum toward the predicted target of $85,000.
Promising End to 2024 for Bitcoin?
With the close of September looming in the market, Bitcoin is still sticking around $62,000. In which direction it will break is not yet known. However, from a historical standpoint and technical analysis, such as the RSI, bulls have a reason to be hopeful for a strong close to the year.
With market sentiment finally turning positive, all eyes are on Bitcoin to see if it can meet these ambitious price targets and go into the end of 2024 on a high.
