Bitcoin BTC is due an āexplosive moveā by the end of 2024 as recent BTC price action sets up an $85,000 target.
In a post on X on Sept. 21, crypto trader, investor and analyst Titan of Crypto predicted āintermediateā 35% gains for BTC
šTrader counts down to Bitcoin breakout āby the end of the yearāš
Bitcoin continues to hold $62,000 into the weekly close, having seen a lasting bounce off September support $10,000 lower.
Now, optimistic BTC price forecasts see the good times only getting better for bulls. For Titan of Crypto, the first stop is $85,000.
Uploading a chart of Bitcoinās relative strength index (RSI) on weekly timeframes, he suggested that momentum was gathering to take the market to new all-time highs and beyond.
āBitcoin $85,000: Intermediate Target,ā he summarized.
āThe Weekly RSI breakout signals an explosive move by the end of the year for BTC.ā
RSI is a classic trading indicator used to define likely local tops and bottoms while additionally giving insight into the strength of an uptrend or downtrend at a given price point.
The weekly RSI currently sits above the key 50/100 mark, breaking a downtrend that has been in place since Marchās latest all-time high.
Titan of Crypto added that if September ends in the green, the uptrend should continue throughout Q4.
āHistorically, when September closes green, Q4 has been bullish,ā part of another X post stated.
āIf we close above $59,000 this month, a bullish end of the year is likely. However, even with a red close, both 2017 and 2020 saw green Q4s. Promising Q4 ahead.ā
$61,000 emerges as BTC price āline in the sandā
Elsewhere, popular trader Skew said that more confirmation of BTC price strength was needed over the coming week.
āFrom a technical perspective this does look pretty good,ā he told X followers.
A series of higher highs and higher lows would be needed on daily timeframes, Skew added, tagging $61,000 as the key level to hold.
āFurthermore on $61K lows it provides a clear line in the sand for the market,ā he concluded.
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