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Bitcoin fields increasingly bullish market prognoses, but a trader argues that more evidence of a BTC price trend change is needed.
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Bitcoin (BTC) is due an “explosive move” by the end of 2024 as recent BTC price action sets up an $85,000 target.
In a post on X on Sept. 21, crypto trader, investor and analyst Titan of Crypto predicted “intermediate” 35% gains for BTC/USD.
Trader counts down to Bitcoin breakout “by the end of the year”
Bitcoin continues to hold $62,000 into the weekly close, having seen a lasting bounce off September support $10,000 lower.
Now, optimistic BTC price forecasts see the good times only getting better for bulls. For Titan of Crypto, the first stop is $85,000.
Uploading a chart of Bitcoin’s relative strength index (RSI) on weekly timeframes, he suggested that momentum was gathering to take the market to new all-time highs and beyond.
“Bitcoin $85,000: Intermediate Target,” he summarized.
“The Weekly RSI breakout signals an explosive move by the end of the year for BTC.”
BTC/USDT 1-week chart with RSI data. Source: Titan of Crypto/X
RSI is a classic trading indicator used to define likely local tops and bottoms while additionally giving insight into the strength of an uptrend or downtrend at a given price point.
The weekly RSI currently sits above the key 50/100 mark, breaking a downtrend that has been in place since March’s latest all-time high.
Titan of Crypto added that if September ends in the green, the uptrend should continue throughout Q4.
“Historically, when September closes green, Q4 has been bullish,” part of another X post stated.
“If we close above $59,000 this month, a bullish end of the year is likely. However, even with a red close, both 2017 and 2020 saw green Q4s. Promising Q4 ahead.”
BTC/USD monthly returns. Source: Titan of Crypto/X
$61,000 emerges as BTC price “line in the sand”
Elsewhere, popular trader Skew said that more confirmation of BTC price strength was needed over the coming week.
Related: Is Bitcoin set for 400% gains against gold? Veteran analyst weighs in
“From a technical perspective this does look pretty good,” he told X followers.
A series of higher highs and higher lows would be needed on daily timeframes, Skew added, tagging $61,000 as the key level to hold.
“Furthermore on $61K lows it provides a clear line in the sand for the market,” he concluded.
BTC/USDT 1-day chart. Source: Skew/X
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
This article first appeared at Cointelegraph.com News
