As a seasoned crypto investor who has navigated through several market cycles, I find myself optimistic about the current outlook of Bitcoin and the broader crypto market. The bullish sentiment is palpable, with analysts predicting that BTC could surge past $70K this week. This aligns with my long-term perspective on Bitcoin’s price trajectory, as I have always believed in its potential to disrupt traditional finance.
As a crypto investor, I’m excited about the positive momentum in the crypto market, which seems to be pointing towards a bull run. This optimism is reflected in the anticipated upward trajectory of Bitcoin (BTC), which looks poised to break free from the bearish atmosphere and surge even higher. Similarly, Ethereum (ETH), Ripple (XRP), and other coins seem ready for their own price hikes, mirroring this bullish trend.
Bitcoin Price Set to Shoot Higher This Week
Cryptocurrency experts predict that the price of Bitcoin could rise significantly in the coming week. Notably, prominent crypto analyst Kaleo maintains a positive outlook on Bitcoin as long as its value stays below $70,000. He emphasizes that the primary bullish trend for this market cycle has yet to start, hinting at his preference for the last quarter of 2024 as the ideal timeframe.
I’ll remain optimistic and confident, providing you with the ‘hope’ boost (hopium) needed, even though Bitcoin’s current price is below $70K.
We haven’t even seen the real bull market for this cycle yet.
— K A L E O (@CryptoKaleo) September 23, 2024
Trader Mayne, founder of Breakout Trading platform, posted on his Telegram channel how Bitcoin could hit $74K after a minor correction to the $60K region.
Bitcoin’s Weekly RSI Forecasts Optimism
The weekly Bitcoin price chart shows clear signs of how significant the Relative Strength Index (RSI) is. Every single time the RSI breached a downtrend containing a series of lower highs and lower lows, it triggered a massive uptrend for BTC.
- The weekly RSI breakout in January 2023, led to a 331% rally that pushed BTC price to hit a new all-time high of $73,777.
When the weekly RSI ended its downtrend in October 2023, Bitcoin shot up 178%.
Likewise, if history repeats, then Bitcoin price forecast hints at a humongous uptrend in Q4 of 2024.
Bitcoin Daily Price Chart Forecasts Short-term Correction Before Uptrend
The daily Bitcoin graph indicates the presence of two distinct imbalances at approximately $62,338.46, potentially strong points for price reversals. Additionally, Trader Mayne’s identified reversal area aligns with these specific prices as well.
Mayne adds,
“If we are lucky enough to get a dip to the fresh OB it’s a buy.”
As the cryptocurrency market shows signs of renewed excitement, it’s important for investors to remember that there may be a couple more corrections on the horizon before the major bull run begins. Often, experienced traders will liquidate their initial positions or sell to impatient bulls first, pushing prices up later.
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2024-09-24 18:15