Cryptography research platform 10x Research What I noticed recently is that Bitcoin’s relative strength It jumped to 40%. In line with this, they provided insight into what big moves the flagship cryptocurrency could make in the near future.
What’s next for Bitcoin?
among them Newsletter Titled “Fake Dip?” 10x Research draws the crypto community's attention to the fact that Bitcoin has historically experienced a potential upside whenever the Relative Strength Index (RSI) drops to 40%. I did. Therefore, it is possible that BTC will rise again after its recent decline.
The research platform warned that a “line in the sand” at the $62,000 level could hinder the flagship cryptocurrency’s rise. but, Bitcoin has already surpassed that level, which could mean there is still bullish sentiment around the crypto token.
Meanwhile, the study suggested that BTC needs a catalyst to enjoy sustained upside. They highlighted four bullish events that helped Bitcoin enjoy a parabolic rise immediately after breaking through key support levels. These events include Treasury Secretary Janet Yellen's bid for uncapped deposit insurance; blackrock application For spot Bitcoin ETF, franklin templeton I have also filed for a Spot Bitcoin ETF, and when the US Core PCE drops below 3.0%.
This is a sentiment echoed by Andrey Stoychev, head of prime brokerage at Nexo. I mentioned earlier This means that a catalyst is needed for Bitcoin to rise significantly. He predicts that without this catalyst, Bitcoin will continue to trade only in the $67,000 range.
10x Research does not seem optimistic that BTC is enjoying a sustained rally as its trend model shows the flagship cryptocurrency is trending downward. Nevertheless, they do not rule out the possibility of BTC experiencing a bullish reversal. The research firm also said it would consider buying the dip if Bitcoin falls significantly or rises from here.
BTC Still Destined to Hit New Highs
Cryptocurrency Analyst Mikybull Crypto Recently, he suggested that Bitcoin is still set to hit new highs.he said Bitcoin's current price action is intended to create “further fear across the market, and then create a bottom for continued upward movement.” Crypto analyst Ali Martinez Recently too was suggested Keeping in mind that Bitcoin has consolidated in value during this period of the last two bull markets, it shows that the bull market is not over yet.
He claimed that it may take more than 500 days for BTC to reach its all-time high. market top for this cycle. Regarding how BTC will rise, Martinez said that BTC could rise. Updated all-time high (ATH) If the price breaks the $69,150 resistance level, it will rise to $92,190. It is also worth noting that crypto analyst his PlanB says: said It is “inevitable” that Bitcoin will reach $100,000 this year.
At the time of writing, BTC is trading at around $63,500, up more than 7% in the past 24 hours. data From CoinMarketCap.
BTC price recovers above $63,000 | Source: BTCUSD on Tradingview.com
Featured image from BBC, chart from Tradingview.com
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