This might be it. The price of Bitcoin has rebounded and recovered quickly after four days of selling. After briefly touching $63,500, the $BTC price is now around $67,000. This weekend or next week, $BTC bulls could attempt to reach the all-time high of $73,800. Are you on this train?
It has been 135 days of sideways and downward price action since Bitcoin set a new high in mid-March of this year. Since that high, there have been four separate attempts to surpass it. All have failed – all have been rejected. This latest attempt is still in progress. It started from a deeper retracement ($53,500) and, after reaching $68,500, the price pulled back to $63,500 and is now quickly reversing upward.
This Time Might Be Different
So how can Bitcoin surpass the previous all-time high in this case? What has changed that might prevent $BTC from being rejected once again?
One of the likely biggest factors this time is the significant bullish momentum, as indicated by the weekly stochastic RSI. This extremely strong indicator has reached the bottom and turned back, with both lines crossing the critical level of 20.
Strong Momentum
Source: TradingView
The last time there was a cross-up on the stochastic RSI, the result was a fake-out, which is why the rally failed. This time, the signal is strong, indicating a lot of momentum. Even the 2-week stochastic RSI has fallen below.
The Next Phase of the Bitcoin Bull Run is About to Begin
Source: TradingView
Finally, the relative strength index (RSI) on the weekly chart indicates that a break of the downward trend is necessary to establish an upward trend once again. This could potentially happen by next week.
By the weekly close on Sunday, the $BTC price could be above the top trendline. A resulting price surge could propel the king of cryptocurrencies towards the sky—beyond the all-time high and into price discovery.
The next phase of Bitcoin’s bull run could then take place, with $100,000 as an initial target, followed by possibly $150,000 as the next price targets. Are you on this train?
Disclaimer: This article is provided for informational purposes only. It is neither offered nor intended to be used as legal, tax, investment, financial, or other advice.
No Comment! Be the first one.