BTC price has dropped slightly to $63,900, but is expected to make an explosive move by the end of 2024.
In a post on X on September 21, the Titan of Crypto investor and analyst predicted a “mid-range” 35% rally for the BTC/USD pair.
Analyst Counts Down to Bitcoin Boom by Year-End
Bitcoin is currently holding the $62,000 price level at its weekly close, after recovering significantly from the $10,000 support level in September.
The bullish BTC price forecasts suggest that the good times are just beginning for investors. According to Titan of Crypto, the first target is $85,000.
In a chart of Bitcoin's relative strength index (RSI) on the weekly timeframe, he suggests that momentum is building to take the market to new highs and beyond.
“Bitcoin $85,000: Intermediate Target,” he summarized.
“Weekly RSI breakout signals an explosive year-end move for BTC.”
BTC/USDT 1-week chart with RSI data | Source: Titan of Crypto/X
RSI is an important trading indicator that helps identify local tops and bottoms, and provides insight into the strength of an uptrend or downtrend at a particular price point.
The weekly RSI is now above the important 50/100 level, breaking the downtrend that has existed since the record high in March.
The Titan of Crypto emphasized that if September ends in the green, the uptrend will continue in Q4.
“Historically, when September ends in the green, Q4 always tends to be bullish,” he stated in part in another analysis post on X.
“If we close above $59,000 this month, a bullish end to the year is very likely. However, even if we end the month in the red, both 2017 and 2020 showed a bullish Q4. A promising Q4 awaits.”
BTC/USD Monthly Returns | Source: Titan of Crypto/X
$61,000 Emerges as “Boundary” Level for BTC Price
Elsewhere, popular trader Skew said more confirmation is needed on the strength of BTC prices next week.
“From a technical perspective, this looks pretty positive,” he shared with his X followers.
A series of higher highs and lower lows will be needed on the daily timeframe, Skew added, highlighting $61,000 as the key level to hold.
BTC/USDT 1-day chart | Source: Skew/X
“Furthermore, the low of $61,000 provides a clear line of demarcation for the market,” he concluded.
Source: https://tapchibitcoin.io/rsi-hang-tuan-cua-bitcoin-kich-hoat-muc-tieu-gia-btc-trung-gia-85-000-usd.html
