Bitcoin’s Weekly RSI Indicates Potential $85K Price Target

Bitcoin (BTC) is on the brink of a potentially explosive upward movement, as recent price trends suggest an ambitious target of $85,000 by the end of 2024. A trader has indicated that further confirmation of a price trend shift is essential.

Optimistic Price Forecasts for Bitcoin

According to analyst Titan of Crypto, Bitcoin could see a modest gain of approximately 35% in the BTC/USD pair. As Bitcoin maintains its position around $62,000, it has bounced back strongly from a support level that was $10,000 lower.

The trader envisions BTC reaching $85,000 as the next major milestone. In a recent update, Titan shared a chart illustrating Bitcoin’s relative strength index (RSI) on a weekly timeframe, suggesting that momentum is building for the market to reach new all-time highs.

• “Bitcoin $85,000: Intermediate Target,” Titan stated.
• He pointed out that the Weekly RSI breakout indicates a significant upward movement for BTC could occur by the end of the year.

Understanding Relative Strength Index (RSI)

The RSI is a well-known trading indicator that helps identify potential local tops and bottoms while providing insights into the strength of prevailing trends. Currently, the weekly RSI is above the important 50/100 mark, breaking a downtrend that has persisted since the last all-time high in March.

Titan also noted that if September concludes positively, the bullish trend may continue into the fourth quarter. Historical patterns indicate that a green close in September often leads to a bullish Q4.

• “If we close above $59,000 this month, a positive conclusion to the year is likely,” he added.
• “Even with a red close, both 2017 and 2020 experienced strong Q4s.”

Key Price Levels to Watch

In another perspective, trader Skew emphasized the need for further validation of BTC’s price strength over the next week. He identified $61,000 as a critical level that must be maintained.

Skew remarked:

• “A sequence of higher highs and higher lows would be necessary on daily timeframes.”
• “The $61K level acts as a definitive line in the sand for the market.”

Investing in Bitcoin and other cryptocurrencies involves inherent risks. It is crucial for individuals to conduct thorough research and make informed decisions regarding their investments.