10x Research, a crypto research platform, recently highlighted that the Bitcoin Relative Strength has surged to 40%. According to their analysis, Bitcoin has historically shown potential rallies whenever its relative strength index (RSI) drops to 40%. This indicates that there is a possibility of BTC rallying again following its recent decline.
The research platform, in their newsletter titled “Fake Dip?”, pointed out that Bitcoin might require a catalyst to enjoy a sustained rally. They identified four bullish events that have historically propelled Bitcoin into a parabolic run:
1. Treasury Secretary Janet Yellen’s bid for uncapped deposit insurance,
2. BlackRock’s application for a Spot Bitcoin ETF,
3. Franklin Templeton filing for a Spot Bitcoin ETF, and
4. US Core PCE dropping below 3.0%.
While 10x Research maintains a somewhat pessimistic view on BTC’s sustained rally, other analysts have differing opinions. Mikybull Crypto believes that Bitcoin will reach new highs, suggesting that the current price action is intended to instill fear in the market before continuing upward. Similarly, Ali Martinez posits that the bull run is far from over, drawing parallels to Bitcoin’s past consolidations in previous bull runs.
Crypto analyst PlanB has boldly stated that Bitcoin hitting $100,000 this year is “inevitable.” Martinez predicts that BTC could potentially reach a new all-time high of $92,190 if it surpasses the resistance level of $69,150. As of the latest data, Bitcoin is trading around $63,500, reflecting a 7% increase in the last 24 hours.
The crypto market remains highly speculative and volatile. While some analysts foresee a bullish reversal for Bitcoin, others remain cautious about its sustained rally. It is essential for investors to conduct thorough research and assessment before making any investment decisions in the cryptocurrency space. Please note that the information provided in this article is for educational purposes only and does not constitute financial advice. Investing in cryptocurrencies carries inherent risks, and individuals should proceed with caution.