- Bitcoin’s weekly RSI (Relative Strength Index) breakout signals an explosive move by the end of the year, with an intermediate target of $85,000
- Trader Titan of Crypto suggests that if September closes green (positive monthly returns), it increases the likelihood of a bullish Q4 for Bitcoin
- A key level to watch is $61,000, as holding above this level could confirm higher highs and higher lows, indicating a strengthening uptrend
Bitcoin fields increasingly bullish market prognoses but a trader argues that more evidence of a BTC price trend change is needed.
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.”
$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. From a technical perspective this does look pretty good, he told Twitter 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.
Conclusion
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.
