Cryptonewsmart Research has reported that Bitcoin’s relative strength has risen to 40%. In line with this, they revealed potential substantial changes for the flagship cryptocurrency shortly.
What Next For Bitcoin?
Bitcoin has traditionally seen potential rallies when its relative strength index (RSI) slips below 40%. As a result of its recent dip, BTC has the potential to rally again.
The research suggested that a “line in the sand” at $62,000 might prevent the flagship cryptocurrency from surging. However, Bitcoin has already broken above that level, indicating that there is still optimistic optimism surrounding the cryptocurrency.
Meanwhile, he warned that BTC would require a catalyst to enjoy a sustained climb. They identified four bullish occurrences that aided Bitcoin’s parabolic climb just after breaking a critical support level.
This is consistent with the sentiment expressed before by Andrey Stoychev, Head of Prime Brokerage at Nexo, who stated that Bitcoin would require a trigger to make a substantial upward rise. He forecasts that Bitcoin will only trade at $67,000 without this stimulus.
The Cryptonewsmart team Research did not sound optimism about BTC experiencing a protracted rally, as their trend model indicated that the flagship cryptocurrency is in a decline. Despite this, they do not rule out the prospect of a bullish reversal in BTC. The research group also stated that it would aim to purchase the dip if Bitcoin fell dramatically or rallied from here.
BTC is still expected to hit new highs.
Crypto expert Mikybull Crypto has predicted that Bitcoin will continue to reach new highs. He believes that Bitcoin’s current price behavior is intended to instill “more fear across the market and then bottom for upward continuation.” Crypto expert Ali Martinez also recently stated that the bull run was far from done, noting that Bitcoin consolidated at this time in the previous two bull runs.
He claimed that BTC could be over 500 days from reaching its market peak for this cycle. Martinez predicted that BTC might achieve a new all-time high (ATH) of $92,190 if it breaks through the resistance level of $69,150. It is also worth noting that crypto analyst PlanB stated that Bitcoin hitting $100,000 this year is “inevitable.”
At the time of writing, BTC is trading at around at around $63,500, up over 7% in the last 24 hours, according to data from Coingecko
BTC price recovers above $63,000 | Source: BTCUSD on Tradingview.com
Featured image from BBC, chart from Tradingview.com
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