A popular crypto trader believes Bitcoin (BTC) is gearing up for a major breakout this month on its way to new all-time highs.
The pseudonymous analyst known as TechDev says in a new analysis that BTC’s relative strength index (RSI) has built a bottom structure and is showing early signs of a possible reversal into a new surge.
The RSI indicator is a momentum oscillator used to determine whether an asset is oversold or overbought. The values of the RSI range from zero to 100, with the level between 70 and 100 indicating that an asset is overbought, while the level from zero to 30 indicates that an asset is oversold.
explains TechDev,
“We are also the same number of weeks away from the previous impulse top as we were when the all-time high began in the 2014-2017 period.
If we look closer, we see the potential for an RSI outbreak. Compare this to the last time we saw a similar setup in the yellow zone. Then the RSI breakout was a key indicator of the larger market shift that followed.”
The analyst shares a chart indicating that he expects Bitcoin to rise to around $90,000 sometime in November or December.
“With confluence, this outlook places a final consolidation against the upper trendline where it would be expected.
I’m looking forward to mid-October for the breakout of this exhausting correction. On the high time frames it has formed a literal horizontal line on the high time frames.
I will monitor any deviations from the expected orange path and provide updates if we see any shifts.”
BTC is trading at $62,628 at the time of writing. The highest-ranked crypto asset by market capitalization has fallen almost 2% in the past 24 hours.
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
Follow us further X, Facebook And Telegram
Surf to the Daily Hodl mix
Generated image: Midjourney
