Crypto research platform 10x Research recently noted that the Relative strength of Bitcoin has increased to 40%. In line with this, they provided insight into what important steps the flagship crypto could make soon.
What next for Bitcoin?
In their newsletter titled “Fake Dip?” 10x Research drew the crypto community’s attention to the fact that Bitcoin has historically seen potential rallies when the relative strength index (RSI) drops up to 40%. As such, there is a possibility that BTC could rebound again after the recent decline.
The research platform warned that a “line in the sand” at the $62,000 mark could stop the flagship crypto from rallying. However, Bitcoin has already broken above that level, which could mean that there is still bullish sentiment surrounding the crypto token.
Meanwhile, the research hinted that BTC would need a catalyst to enjoy a sustainable rally. They highlighted four bullish events that helped Bitcoin enjoy a parabolic run shortly after breaking a key support level. These events include Treasury Secretary Janet Yellen’s bid for unlimited deposit insurance, BlackRock application for a Spot Bitcoin ETF, Franklin Templeton also filed for a Spot Bitcoin ETF, and when the US Core PCE fell below 3.0%.
This echoes the sentiment of Andrey Stoychev, head of Prime Brokerage at Nexo, who mentioned before that Bitcoin would need a catalyst to take a major step up. He predicts that without this catalyst, Bitcoin will continue to trade only around $67,000.
10x Research did not sound optimistic about BTC’s continued rally, as their trend model indicates the flagship crypto is in a downtrend. Nevertheless, they do not rule out the possibility of BTC experiencing a bullish reversal. The research firm also revealed that they would be looking to buy the dip if Bitcoin were to drop significantly or rise from here.
BTC is still destined to reach new highs
Crypto analyst Mikybull Crypto recently suggested that Bitcoin will still reach new highs. He declared that Bitcoin’s current price action is intended to “create more fear in the market and then a bottom for upside continuation.” Crypto analyst Ali Martinez also recently suggested that the bull run was far from over, considering that Bitcoin consolidated during the last two bull runs around this period.
He claimed that it might take more than 500 days for BTC to reach its target market at the top for this cycle. On how BTC could rise, Martinez said it could reach a price high new all-time record (ATH) of $92,190 if it crosses the $69,150 resistance level. It is also worth noting that crypto analyst PlanB declared Bitcoin reaching $100,000 this year is “inevitable.”
At the time of writing, BTC is trading around $63,500, up more than 7% in the past 24 hours, according to facts 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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